Reliance Capital eyes major expansion, banking, overseas foray

The Anil Dhirubhai Ambani Group's Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million.

We have drawn up exciting growth plans for the next three to five years, Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company's annual general meeting here later this month.

Together, these initiatives will further accelerate our growth and lead to substantial value creation for each of us, he said in his letter, listing the future plan of action options before the company.

These include:

-Increase the distribution reach from 5,000 to 25,000 cities and towns

-Increase the number of business partners from 500,000 to one million

-Enter the banking sector when regulations permit

-Globalise operations

-Expand asset management, insurance, and broking operations across Asia, Africa and the Middle East

Ambani said his group as a whole enjoyed the support of a customer base of over 150 million and a shareholder base of over 11 million, adding this was the largest for any business group in India.

Today the Reliance Anil Dhirubhai Ambani Group touches the life of one in eight Indians, every single day.

He said Reliance Capital reported a 22 percent jump in consolidated total income at $1.3 billion in the fiscal year ended March 31, a consolidated net profit of $221 million and an earning per share of nearly $1, with total assets topping $4.8 billion.

The company has interests in asset management, mutual funds, life and general insurance, private equity investments, broking, depository services, consumer finance, financial products distribution, asset reconstruction and institutional equities.

ap/ank/vt

( 290 Words)

2009-07-05-18:54:20 (IANS)

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