Rel Cap draws up expansion plans

MUMBAI: Reliance Capital will more than triple its current employee base and invest Rs 2,000 crore in the insurance business, taking its cumulative investment to nearly a billion dollars.

Chairman Anil Ambani said the company will look to globalise operations leveraging its domestic experience and capabilities. ���(We will) selectively expand our asset management, life insurance and broking operations in emerging markets across Asia, Africa and Middle East,��� he said at the Reliance Cap AGM. Mr Ambani added that adverse market conditions would not impact the company���s growth plans.

���We plan to set up a separate housing finance subsidiary and an NBFC for consumer finance,��� he said. Reliance Capital has made the necessary applications and is awaiting regulatory approvals. The firm is also planning to enter investment banking business as soon as market conditions get better. However, Mr Ambani said that the company will stick to advisory services and not engage in underwriting or making proprietary investments.