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Anil Ambani, chairman of Reliance Capital said on its 24th annual general meeting that it’s considering for IPO (initial public offer) of insurance in FY 11 along with liberal bonus for the shareholders.
The financial arm of Reliance ADA Group, Reliance Life is meant to provide best insurance plans in India. Insurance Regulatory and Development Authority has almost completed the listing of guidelines for life insurance companies after which Reliance Life will list its policies on life insurance business, as said by Ambani. He also said that the reason for making insurance as a part of its business is the potential and growing opportunities he could see in it.
Hoping to get clearance by IRDA, when asked about its plans for banking business, Ambani stated that ADAG would also enter in banking sector once the Reserve bank (RBI) is ready with its final guidelines for new banking license. According to him, banking is a high-priority sector and has high potentials.
Mr Ambani said, “It has always been our ambition to create a world-class bank”. When asked about its plans to raise funds through QIP securities, he denied of any such plans in the short run. But it’s looking forward to settle on some resolution regarding its growth.
He also said that “Reliance Capital is poised to capitalize on this immense growth opportunity across all its business segments. Looking ahead, there are a number of significant value-unlocking and growth opportunities on the horizon”.
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