MUMBAI: Reliance Capital Chairman Anil Ambani on Tuesday said the company is looking at unlocking value by divesting across its businesses and is in "advanced stage" of talks to sell a stake in its asset management and mutual funds business to Nippon Life of Japan.
Speaking to the shareholders at the company's AGM here, Ambani also informed that Reliance Capital will explore all possible opportunities to enter the banking sector and announced that the banking entity of the group could be called Reliance Bank.
The comments came in the backdrop of the company sitting on a huge debt of Rs 18,483 crore as of June quarter. In the quarter to June, its assets stood at Rs 25,511 crore with a net profit of just Rs 138.7 crore against Rs 229 crore in the year-ago period and had net sales of Rs 703.6 crore against Rs 1,809 crore year-on-year.
The Reserve Bank had come out with the draft guidelines for new bank licences last month in which it had said that the companies having a significant exposure to broking and real estate businesses would not be entertained.
ANIMA SINHA
PGDM -3sem
Speaking to the shareholders at the company's AGM here, Ambani also informed that Reliance Capital will explore all possible opportunities to enter the banking sector and announced that the banking entity of the group could be called Reliance Bank.
The comments came in the backdrop of the company sitting on a huge debt of Rs 18,483 crore as of June quarter. In the quarter to June, its assets stood at Rs 25,511 crore with a net profit of just Rs 138.7 crore against Rs 229 crore in the year-ago period and had net sales of Rs 703.6 crore against Rs 1,809 crore year-on-year.
The Reserve Bank had come out with the draft guidelines for new bank licences last month in which it had said that the companies having a significant exposure to broking and real estate businesses would not be entertained.
ANIMA SINHA
PGDM -3sem
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