Reliance Capital plans to venture into the banking division.
The company has brought forth a plan for following 3 to 5 years, which comprises joining the banking division after regulatory authorization has been given and also widen internationally.
Reportedly, it seeks to increase its life insurance, asset management and broking operations in rising markets all over Africa, Asia and the Middle East whereas growing client base to 5 crore from the present stage of 1.5 crore, including 15,000 extra cities and towns for allotment channels opposed to present 5,000 and also to raise business associates to 10lakh from 5lakh, as directed by Anil Ambani, Chairman of Reliance Capital.
According to the sources, Reliance Capital has sold its whole share in Reliance Industries during the economic year 2008 to 2009.
The company has sold more than 74lakh shares of Reliance Industries that were worth Rs.129.88 crore at economic year 2007-08 end.