Reliance Capital to hike housing finance capital
"We intend to significantly grow our housing finance business, to assist in providing affordable housing solutions to our fellow countrymen," Ambani said
Oct 02, 2014
Source : Business Standard
Anil Ambani


Mumbai: Reliance Capital chairman Anil Ambani said the company would triple the capital deployed in housing finance activities and launch more Indifocused 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.

"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.

Latest Realty News

Venkaiah Naidu asks real estate sector for 'out of box' ideas
Oct 02, 2014
Seeking "out of the box" ideas from the real estate sector for affordable housing, the Government said it will consider recommendations for investing insurance and pension funds in the sector
Kerala hikes fare value of land
Oct 02, 2014
The Kerala Cabinet has decided to hike the fair value of land by 50 per cent across the state, part of measures aimed at increasing the state’s revenue
'Property prices are down in real terms'
Oct 02, 2014
Property prices in real terms - that is, after adjusting for inflation - are coming down, RBI governor Raghuram Rajan said
Foreign brands struggle to find space in Indian malls
Oct 02, 2014
A CBRE South Asia study has revealed that India has more than 300 shopping malls, but only around 24 have been identified as successful
News Corp to buy real estate site Move for $950 million
Oct 02, 2014
Rupert Murdoch's publishing group News Corp is planning its biggest acquisition since splitting off its entertainment business, buying real estate listings website Move for $950 million
Govt Issues Order on Land for Industrial Estate, 2nd Airport
Oct 01, 2014
The State Government has asked Khurda district administration to identify 10,000 acres of land for establishment of an industrial estate
Banks to sell DDA housing scheme forms on holidays
Oct 01, 2014
Banks have offered to sell forms of DDA's housing scheme even on national holidays with the deadline to submit them drawing closer
Mhada directed to pay buyer Rs 50,000 for substandard flat
Oct 01, 2014
Bringing the Maharashtra Housing and Area Development Authority (Mhada) under the ambit of the Consumer Protection Act, a consumer forum recently reprimanded the authority for providing substandard homes after a buyer complained about leakages
Cut Home Loan Interest: Credai
Oct 01, 2014
The Confederation of Real Estate Developers’ Associations of India has appealed to the Reserve Bank of India to reduce the home loan interest rates
Knight Frank Global Cities Report 2015 ranks Sydney 5th in rental forecasts
Oct 01, 2014
The latest Knight Frank Global Cities Report 2015 has ranked Sydney fifth among 15 global cities in rental forecasts

Latest Realty News Of State

Realty Talk's