Amid indications of the government and RBI gearing up to grant new bank licences, Reliance Capital has said it is full-prepared from its side to foray into the banking business.
Having witnessed a dip of over 4,500 staff from its headcount in last fiscal, Anil Ambani group's financial services arm Reliance Capital will hire over 3,500 managers for its various businesses this year.
Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Business Standard that the company is opting to be cautious.
Anil Ambani Group firm Reliance Capital has initiated the process of divesting up to 26 per cent stake in its life insurance subsidiary and is mulling options like bringing in a strategic foreign investor and an initial public offer. The company, which has been going solo so far, has decided on this divestment at this point of time because it will give a better shareholder value, besides sentiments in the market is also looking bright.
Having received permission to expand the asset management business to Singapore and the United Kingdom, Reliance ADA Group is also planning to enter the Gulf market via Dubai International Finance Centre. In addition, it wants to take its life insurance business overseas. By the end of the year, the group is planning to seek at least one licence in either South-East Asia or West Asia.
The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
As debt piles up, Anil Ambani's ability to see the asset sale plan through will be crucial
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