Shareholders of Reliance Capital Ltd. will get a special dividend this year as the company has completed 25 years of financial services in India. Announcing this, Reliance Capital Chairman Anil Ambani said that the board would consider the special dividend payout on September 10.<\/p>\n
Addressing the 26th annual general meeting (AGM) of the company here, Mr. Ambani said that Japan\u2019s Nippon Life, which had acquired 26 per cent stake in Reliance Capital Asset Management for Rs.1,450 crore, was in discussions with Reliance Mutual Fund to manage its funds in India.<\/p>\n
Nippon Life managed over Rs.30 lakh crore globally, he said, adding that Nippon Life would also help in the distribution of Reliance Mutual Fund products in Japan.<\/p>\n
\u201cReliance Mutual Fund is targeting 50 per cent increase in retail investor base to 10 million,\u201d Mr. Ambani said.\u00a0He said the company’s life insurance unit, Reliance Life, would tie up with banks for distribution of its products.\u00a0Nippon Life had acquired 26 per cent stake in Reliance Life for over Rs.3,000 crore.<\/p>\n
Mr. Ambani said that the company was in talks to sell a 26 per cent stake to strategic partners in its general insurance business as well.\u00a0Reliance Capital shares closed with a gain of 3.39 per cent at Rs.331.15 on the Bombay Stock Exchange on Tuesday.<\/p>\n
RCom to exit towers business by 2013<\/strong><\/p>\n Reliance Communications Chairman Anil D. Ambani told shareholders in Mumbai, on Tuesday, that the company would complete the sale of its towers business in 2013 after spectrum auction.\u00a0He also said that the company\u2019s debt would significantly reduce in 2014.<\/p>\n Reliance Communications is currently reeling under a debt burden of Rs.35,000 crore as on June 2012.\u00a0He said the company would once again attempt to list its undersea cable arm, the erstwhile Flag telecom, in Singapore stock exchange as and when market conditions improved.<\/p>\n Placing emphasis on the growth of the company\u2019s wireless business in the future, Mr. Ambani said that data would lead the next wave of wireless growth in India. Reliance Communications was already the leader in data with non-voice wireless revenues at over 20 per cent, he added.<\/p>\n \u201cOur \u2018Built for Internet\u2019 network will restore revenue market share growth, and we have 24 million data customers and 4 million 3G customers, highest in India,\u201d he said.<\/p>\n \u201cWe are confident of returns on 3G investments in the medium-term,\u201d Mr. Ambani said. Mr. Ambani said that Reliance Communications carried 12 per cent of exploding global data traffic on Flag network and the company was poised to enhance market leadership in its enterprise business.<\/p>\n On the finances, he said that the company expected to remain free cash flow positive in the future, and it expected relatively smaller outlays for acquiring spectrum in the future.\u00a0The company\u2019s shares, on Tuesday, closed with a gain of 4.70 per cent at Rs.50.15 on the Bombay Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":" Shareholders of Reliance Capital Ltd. will get a special dividend this year as the company has completed 25 years of financial services in India. Announcing this, Reliance Capital Chairman Anil Ambani said that the board would consider the special dividend payout on September 10. Addressing the 26th annual general meeting (AGM) of the company here, […]<\/p>\n","protected":false},"author":37,"featured_media":1161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-1160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/posts\/1160"}],"collection":[{"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/comments?post=1160"}],"version-history":[{"count":0,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/posts\/1160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/media\/1161"}],"wp:attachment":[{"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/media?parent=1160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/categories?post=1160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entecity.com\/news\/wp-json\/wp\/v2\/tags?post=1160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}