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Over Rs 2,000 cr to be infused by Reliance Life in 3-4 years

Paul Noronha

Unveiling plans: Mr Anil Ambani, Chairman, Reliance Capital, at the company’s AGM in Mumbai on Tuesday. —

Our Bureau

Mumbai, July 3 The Anil Ambani Group-led Reliance Capital Ltd is looking to consider strategic partnerships in its businesses which include Reliance Mutual Fund, Reliance Life Insurance and General Insurance, Reliance Money and Reliance Consumer Finance, as per an official release from Reliance Capital after the company’s 21st Annual General Meeting held in Mumbai today.

Reliance Capital has been approached by various partners for strategic stake in its businesses, the release said. Incidentally, the market capitalisation for Reliance Capital has shot up nearly 800 per cent to over Rs 27,000 crore from Rs 3,000 crore.

Reliance Capital may also consider promoting or acquiring a bank, if the policy permits, as per the release. The company currently has zero net debt and could borrow over Rs one lakh crore on its current net worth, said Mr Anil D. Ambani, Chairman, ADAG Group, at the AGM.

Mr Ambani said Reliance Life Insurance will infuse over Rs 2,000 crore over the next 3-4 years to scale up the business, further expand its reach and distribution and emerge as one of the top three private sector life insurance companies in the country. For Reliance Life Insurance, the gross premium stood nearly at Rs 1,000 crore, an increase of nearly 900 per cent while it is approaching the half million mark in terms of number of policies.

Reliance Capital has launched Reliance Consumer Finance in the four metros and is looking at a nationwide launch of the business in this financial year, he said.

Reliance Mutual Fund expects to reach the $15-billion mark in the next few days, said Mr Ambani. At the end of March 2007, the fund house had over 3.2 million investors and the distribution network is expected to double from 300 cities to 600 cities by the year-end. Reliance General Insurance has earned an annual gross direct premium of Rs 912 crore from the last financial year, an increase of 462 per cent.

The recently launched Reliance Money has acquired nearly one lakh customers, said Mr Ambani.

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