The Anil Dhirubhai Ambani Group is open to have partners for its insurance and mutual fund businesses, its chairman Anil Ambani said on Friday.
Reliance Capital, the financial services holding company of the ADAG also announced plans to enter consumer finance business. The company is also increasing investment in its insurance business.
"We are open to partnerships in insurance and mutual fund businesses. We have received proposals for strategic and financial partnerships from several investors," Anil Ambani said, replying to a query from a shareholder at Reliance Capital's AGM.
R-Cap, which holds together the group's financial services businesses, including mutual funds (Reliance Mutual Fund), stock broking (R-Money), private equity and insurance ventures (Reliance Life Insurance and Reliance General Insurance), plans to infuse Rs 2,000 crore (Rs 20 billion) into the insurance business, he said.
He said the group, which has interests in telecommunications (Reliance Communications) and utilities (Reliance Energy) and media (Adlabs), has the capacity to borrow Rs 1 trillion.
Ambani said the company plans to ramp up its workforce to 50,000 in the next two years. R-Money, he said, has emerged as the largest money transfer company in the private sector.
