Reliance Capital to sell non-core biz
Close on the heels of its partial stake sale in One97 Communications, the parent of Paytm, Anil Ambani-led financial services company Reliance Capital is planning to sell more non-core assets in the upcoming fiscal.
“Reliance Capital is solely focused on financial services businesses and profitable monetisation of all non-core investments is underway, and will be substantially completed by March 2018,” Anil Ambani said addressing analysts in Mumbai.
According to the presentation given to analysts, some of Reliance Capitals non-core assets include investments in a couple of wine firms like Sula Vineyards and Grover Vineyards, online travel portal Yatra.com, Mahindra First Choice and monetisation of some non core assets including film and media services, exhibition business and radio and TV business is underway.
Reliance Capital had recently sold its stake in One97 Communications to China’s Alibaba for nearly Rs 275 crore with a whopping 27x return on its investment.
Speaking on the occasion, Reliance Nippon Life Asset Management Company (RNLAMC) chief executive officer Sundeep Sikka said that the company is expanding its reach in the international markets.
“Nippon Life Insurance is a 127 year old company with assets of over $600 billion. We will look at exploring international markets together to expand our reach,” Sikka said.
RNLAMC is India’s largest AMC with assets under management of over Rs 3.5 lakh crore and is the second most profitable AMC in the industry. The company had recorded a profit before tax of Rs 502 crore in FY16.
“India and China are the largest digital markets in the world, and Reliance Capital intends to ‘go digital’ in all its businesses to serve the new age customers,” Reliance Capital Executive Director Anmol Ambani said.
At the meeting held on Thursday, which was attended by other senior executives of the group as well, the analysts were also told that financial services remain a core and high growth business for Reliance Group.
The 24-year-old Anmol, who joined Reliance Capital as a Director last year, after two years of training at the company, said it aims to be amongst the top three players across all its businesses.
DHNS and Agencies
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