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Rediff News  All News  » Business » Reliance Capital to foray into housing finance

Reliance Capital to foray into housing finance

July 30, 2008 18:31 IST

Anil Ambani Group firm Reliance Capital on Wednesday said it is planning to enter the housing finance and non-banking finance businesses, for which it has already filed applications with the concerned regulatory authorities.

"Reliance Capital has filed an application with National Housing board to set up a separate housing finance subsidiary and with Reserve Bank of India to set up a separate NBFC subsidiary for consumer finance," a company statement said.

Further, the company has received approval from RBI to set up an overseas subsidiary for international business operations.

Besides, Reliance Capital Services has been set up to leverage on the cross selling of Reliance capital financial products and services, across the customers and shareholders of the group.

In this quarter, Reliance Asset Reconstruction has formally commenced business operations and is in the business of acquisition, management and resolution of distressed debt or asset, statement said.

Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stocks broking, depository services, distribution of financial products, consumer finance and other activities in financial services.

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