Reliance prepare play bigger in financial space

Posted By: Religare
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Reliance prepare play bigger in financial space
Reliance Industries is all set to cash it on the country"s financial sector services. RIL is preparing to seek partnership with leading global players in order to play it big on the rapid growth of the country"s financial sector. In his annual commission to shareholders, the company"s bilionare chief, Mukesh Ambani mentioned that the industry has been approached by several global financial services.

Aiming to cash in on the rapid growth of country's financial services sector, Reliance Industries will seek partnerships with leading global players in this pursuit, the company's billionaire chief Mukesh Ambani has said.

The group has already been approached by several global financial services companies for possible partnerships, Ambani said in his annual communication to shareholders. Reliance Industry under Mukesh Ambani achieved success in the business like energy, telecom and retail. However, Ambani also feels that the financial sector would provide equal opportunities with rapid and significant growth to the industry.

Ambani, therefore after reaching an agreement to set up a joint venture with DE Shaw group is moving ahead for further tie-ups in the financial services business. Through consumers through a wide array of next-generation financial service, Ambani intends to cater to both corporate and consumers. Hence, the final blueprint of the plan has already been worked out.

The joint venture with DE Shaw would include the investment and technology expertise of the group, however, Reliance would contribute through its operational knowledge and extensive presence across India. This approach would help the alliance to offer a comprehensive array of financial services to the Indian marketplace.

In order to establish itself well in the financial services sector, RIL is working on the areas of the sector where it can utilize its expertise and presence in sectors like energy and retail, as also its proposed telecom and power ventures.

According to sources, following its strategy of making several partners, like RIL did in its retail business and energy operations, it would also look for other partner for various specific financial service businesses, besides DE Shaw.

Read more about: ril, oil and gas, bse, nse
Story first published: Wednesday, May 11, 2011, 12:31 [IST]
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