On the occasion of the 25th anniversary of the company, Reliance Capital chairman Anil Ambani announced a special interim dividend for its shareholders, and said the company is in talks to sell a 26 % stake to strategic partners in its general insurance business.
Addressing the shareholders at Reliance Capital’s Annual General Meeting (AGM), Mr. Ambani said that the special dividend to the shareholders will be considered by the company’s board on 10th September, 12.
He also said that the life insurance arm of the company, Reliance Life would tie-up with banks for distribution of products and to enhance their reach. The strategic partner of the company, Japanese insurance giant, Nippon Life will help Reliance Mutual Fund products in Japan. Nippon Life is also in talks with Reliance Mutual Fund to manage its funds in India.
Nippon Life has acquired 26 % stake in Reliance Life for over Rs 3,000 crore in the largest FDI deal in the Indian financial services space.
Reliance Capital’s total income rose 21% to Rs. 6,627 crore last fiscal year, while net profit rose 57% to Rs 458 crore, Mr Ambani added.
In the next five years, Reliance Capital aims to increase the customer base to 5 crore, from existing 2 crore customers.
Along with financial services, Reliance Group is present in biz like telecom, infrastructure, power, media and entertainment.
