Reliance Capital, a part of the Anil Ambani led Reliance Group, held its 29 th Annual General meeting on 30th September 2015 in Mumbai.
Mr Ambani addressed a large number of shareholders during the occasion and shared his thoughts on the future and growth of the company
"I look at Reliance Capital's future with great optimism", said Mr Ambani, while addressing shareholders
Some of the highlights of his address to the shareholders are:
Strategic Partnership with Nippon Life Insurance
Reliance Capital and Nippon Life Insurance are in active discussions to enhance collaboration for mutual benefit. Pursuant to the increase in FDI limits announced by the Government, the Japanese major is in advance talks with Reliance Capital to increase its stake in the Group’s Reliance Life unit to 49% from the current 26%. Nippon Life was also actively engaged in increasing its stake in Reliance Capital Asset Management business to 49% from the current 35%, at a higher valuation as compared to the last round. The proceeds from the transactions, both of which are expected to be completed in this fiscal, will be used to further reduce Reliance Capital’s overall debt levels.
The company intends to more than double its Housing Finance book to over Rs. 10,000 crore during this year, and rank among the top 3 players in the private sector in India within the next 3 years.
Commodity Exchange and GIFT City
Reliance Capital is at an advanced stage of preparations for re-launching ICEX, and expects to significantly grow the business and allow it to attain leadership rankings in this space within 3 years.
The company also plans to set up a host of emerging businesses in its GIFT City facility in the years to come, starting with its Alternate Investment Funds business.
Reliance Capital continues to unlock value at appropriate stages through stake sales in different businesses. The company will continue to liquidate its financial investments in non-core areas such as media, and expects to book attractive returns. The proceeds from the monetisation of assets will substantially be utilised to further reduce debt and strengthen its already conservative financial ratios.
For more details on the AGM, please click on www.reliancecapital.co.in/Reliance-Capital-AGM-Webcast.aspx to view the webcast.