RIL AGM: Reliance Industries not contemplating banking foray, says Mukesh Ambani

MUMBAI: Reliance Industries Ltd ( RIL) today said it has no plans to foray into the banking sector.

"We are not contemplating (seeking a) banking licence in the present scheme of things," RIL Chairman Mukesh Ambani told shareholders while replying to a question at the company's annual general meeting here.

Shareholders were anxious to know about the future plans of the company in the financial sector.

Ambani was silent on any blueprint for the group's foray into the financial services businesses.

Earlier, RIL had indicated that it would seek partnerships with leading global players to cash in on the rapid growth of the country's financial services sector.

The group has already been approached by several global financial services companies for possible partnerships, Ambani said in his annual communication to the shareholders.

Recently, RIL had entered into an agreement to set up a joint venture with DE Shaw group. The JV will seek to "build a leading financial services business in India," the company said in its latest annual report.

RIL would capitalise on the core strength of its businesses and expertise of global investment major DE Shaw in its proposed foray into the financial services sector.

Meanwhile, RIL was expecting Government approval for its deal with BP Plc in the next few weeks, Ambani said.