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Reliance Home Finance AGM
Reliance Home Finance Ltd. is targeting asset under management worth Rs 50,000 crore in the next 3-5 years, said Ravindra Sudhalkar, chief executive officer of the company.
Reliance Capital To Function As An Incubator, Ambani Says
Reliance Capital Ltd. will function like an incubator that will identify key emerging areas within the financial sector, Anil Ambani told the company’s shareholders at the annual general meeting.
Here are the key highlights:
- Looking to list Reliance General Insurance in the ongoing financial year.
- Reliance Health Insurance to be launched this quarter.
- Could also potentially participate in a payments platform.
- Investing in an innovation hub for fintech startups to absorb exciting new solutions.
- RHF to be the front running engine at Reliance Capital Group.
- Pursued by a number of global companies to invest in Reliance Home Finance
Reliance Infrastructure Targets Order Book Size Of Rs 50,000 Crore By 2020
Reliance Infrastructure Ltd. aims to grow its order book to Rs 50,000 crore by 2020, Anil Ambani told company shareholders, today. Its order book currently stands at Rs 30,000 crore.
He plans to turn it into a “capital-light, high growth and high dividend business,” he added.
Here are the other highlights from the Reliance Infrstructure AMG:
- Integrated Mumbai power business sale at rs 18,800 crore led to 65 percent debt reduction and 70 percent reduction in interest costs.
- Won Rs 6,000 crore arbitration award from NHAI and the government of Goa .
- A Rs 2,950 crore arbitration award from Delhi Metro is still pending.
- Delhi’s power distribution business is 2.5 times that of Mumbai’s power business. It serves 4 million households, supplies 5,000 megawatts of power with zero tariff hikes over the last five years.
- Debt of the Delhi power distribution business has reduced 80 percent, to Rs 1,500 crore from Rs 8,000 crore.
- All 36 Rafale fighter jets are 100 percent made in France, Reliance is just an export partner.
- Reliance Infrastructure will be a debt-free company by next year.
India's Mobile Industry Is Moving Towards A Monopoly, Says Ambani
The Indian mobile telecom industry has been “creatively destroyed” to an oligopoly, and is moving towards a duopoly or even a monopoly, said Chairman of the group, Anil Ambani, to RCom’s shareholders.
The company is exiting from the sector and will only keep the Indian enterprise business, the international data business, the submarine cable business and the long-distance voice business, he said. “About 60 percent of the revenue will come from outside India,” he added.
India’s telecom industry has gone through a wave of consolidation over the last two years after elder brother Mukesh Ambani’s Reliance Jio entered the market with free and discounted services.
Here are the other highlights from the RCom AGM:
- Company’s debt resolution plan has been approved by its shareholders and will be carried out over the next few months.
- Company to serve only 35,000 enterprise customers.
- For enterprise business, 50 percent revenue will come from within India.
- Unlikely to have any telecom exposure in the long run.
- Will completely exit the telecom business and monetise the enterprise business at a later stage.
- Reliance Realty is the only future growth engine of the company.
- Plan to develop a 133 acre hi-tech, smart and green knowledge city in Navi Mumbai.
- Plan to develop a 30 million square feet commercial space, independently valued at Rs 25,000 crore.
- Size of commercial hub will be 10-times that of Bandra Kurla Complex.
- Will take at least 10 years to develop the commercial hub and create sustainable value for the shareholders.
The annual general meeting has now begun with Group Chairman Anil Ambani addressing the shareholders of Reliance Communications Ltd.
Here's what has been happening with the group over the last year...
AGM To Begin Shortly
Anil Ambani is set to speak at the annual general meeting of Reliance Group being held in Mumbai. The meeting will start at 8:30 a.m.
Ambani is expected to address a slew of issues including IDBI Bank’s case against Reliance Naval and Engineering Ltd. at the National Company Law Tribunal, the indebted Reliance Communications Ltd. and the recent downgrades for Reliance Infrastructure Ltd.
Here are all the listed companies under the group.
- Reliance Communication
- Reliance Capital
- Reliance Infrastructure
- Reliance Power
- Reliance Naval and Engineering
- Reliance Home Finance
- Reliance Nippon Asset Life Management
. Read more on Business News by BloombergQuint.