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Reliance Capital to hike housing finance capital

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Mumbai, Sep 30 :

Reliance Capital chairman Anil Ambani Tuesday said the company would triple the capital deployed in housing finance activities and launch more India focused funds overseas to attract capital into the fixed income and equities markets in India.

“We intend to significantly grow our housing finance business, to assist in providing affordable housing solutions to our fellow countrymen,” Ambani said at the Annual General Meeting of the company here.Reliance-Capital

“We intend to launch more India focussed funds overseas, to attract international capital into the fixed income and equities markets in India,” he added.

Reliance Capital Asset Management Company (RCAM) chief executive Sundeep Sikka announced in New York Monday that the company will consider launching more India-focused funds in foreign markets.

Noting there are already some existing investors in the US whom RCAM was advising, Sikka said: “We want to give an access to a lot of different markets globally to invest in India. We see a trend where more and more institutional investors want to be in India. We may not need partners overseas, as Sebi (market regulator) rules allow us to go alone also on such ventures,” he said.

RCAM had launched two India funds in Japan during Prime Minister Narendra Modi’s visit there last month.

Emphasising that the company is ready for the next phase of growth, Ambani said Reliance Capital, which has applied for a universal banking licence, would explore all opportunities in the banking space.

Reliance Capital believes there would be opportunities to explore in universal banking and payment banking space, he added.

Noting that Reliance Capital would aim to double its market capitalisation in three to four years, he also said the company is looking to partner with global companies in the health insurance sector.

Ambani said plans are on the anvil for having a separate company handling the health insurance business which is currently at an embryonic stage under Reliance General Insurance.

“In course of time, we intend to grow the health business into a separate company, to provide quality healthcare insurance to a billion plus Indians,” he said.

“The pending bill to raise FDI (foreign direct investment) in insurance to 49 percent will provide us with a unique opportunity to enhance our strong partnership with Nippon Life, and also explore opportunities for partnerships with global majors in General Insurance,” he added.

Reliance Capital’s consolidated net profit for the first quarter ended June rose to Rs.164 crore from Rs.133 crore in the same quarter of the last fiscal.

(IANS)