MUMBAI: Reliance Capital is planning to invest Rs 2,000 crore to expand its life insurance business, besides seize every business opportunity that will enhance value to shareholders, its Chairman Anil Ambani said on Tuesday. "It (life insurance) is a highly-capital intensive business... our focus is clear - how quickly and consistently we can create, on a sustainable basis, shareholder wealth," he told shareholders at the company's AGM here. The company has earmarked Rs 2,000 crore investment over the next few years for the business, which it acquired from AMP-Sanmar in 2005. Reliance Life Insurance had recently started operations in the Middle-East and Singapore and "we plan to open more offices abroad," Ambani said, adding that the company will soon consider putting in place a dividend policy. "We will consider putting in a dividend policy that will specify a policy framework so that shareholders can have an idea of the payout ratio," he said. Outlining the group's vision to be in the top three in every business segment it was present in, Ambani said: "We are a young group and it will take us sometime to get there. But we will get there in the next few years - it will not take us 20 years." Stating that Reliance Capital had been approached by various investors for strategic and financial stake in its businesses, Ambani said the company may consider strategic tie-ups, but ruled out sale of the mutual funds or general insurance businesses.
Source: Times News Network
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