Anil Ambani Group firm Reliance [Get Quote] Mutual Fund has collected Rs 2,700 crore (Rs 27 billion) through its new scheme, Reliance Equity Advantage Fund.

"The new fund offer collected over Rs 2,700 crore with over 5.3 lakh applications coming in from over 325 cities and towns across the country," a company release said.

"This is further affirmation of the strength of the Reliance brand name and of the immense confidence that it enjoys among investors across the country," Reliance Mutual Fund's President Vikrant Gugnani said.

Gugnani attributed the success of the NFO to Reliance Mutual Fund's strategy of rapidly expanding retail presence across markets where it had not earlier been present.

Reliance Mutual Fund has the highest asset under managment among all the Indian mutual fund houses, as on June 30 its AUM was over Rs 59,857 crore (Rs 598.57 billion) and had 32.8 lakh investors.