Anil Ambani, Son To Brief Analysts On Financial Services Business
A similar analyst meet held by Reliance Infrastructure in February on the company’s defence foray.
In their first interaction with analysts on business plans of Reliance Capital, Chairman Anil Ambani and his son Anmol will brief them on Thursday on the path ahead for the group's financial services business.
The proposed interaction follows a similar analyst meet held by Reliance Infrastructure on February 27 wherein Ambani had addressed the analysts about the group's future business plans in the defence sector.
In a regulatory filing to the stock exchanges, Reliance Capital said that the meeting with analysts will be held on Thursday in New Delhi to update on the company and its businesses. Besides the chairman, the meet will be addressed by his 24-year-old son Anmol, who joined Reliance Capital last year as director, after two years of training at the company, people privy to the development said.
The father-son duo would also be accompanied by the chief executives and senior executives of various units of Reliance Capital, which is present in life and general insurance, mutual funds, commercial finance, home finance and brokerage among other businesses, the people cited above said. The meet follows only days after the company announced that its CEO Sam Ghosh will leave the firm on March 31 following a nine-year tenure.
Introducing the son as a new director on Reliance Capital's board, the Anil Ambani had said at the company's AGM last September that Anmol has brought "tremendous luck" with a 40 percent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further.
Thanking the shareholders at the company's Annual General Meeting for their “vote of confidence" in 24-year-old Anmol's appointment as an executive director, Ambani said his son is "part of this younger demography and will relate to the future customers, shareholders, employees as well as the other stakeholders of Reliance Capital".
Reliance Cap has roped in strategic partners in some businesses including life insurance and mutual funds in recent years, while it is in the process of demerging Reliance Commercial Finance into a separate company and list Reliance Home Finance as an independent entity.
In the analyst meet hosted by Reliance Infra, Anil Ambani had said defence sector will be the largest business area the company in the next few years and foresaw opportunities worth Rs 1 lakh crore per annum in acquisitions for the armed forces. Ambani had said the Group's focus will be to become a leading manufacturer and supplier of advanced weapon platforms and military hardware to meet the requirements of the Navy, Indian Air Force and the Army and also mark the company's presence across the world.
Briefing over 80 analysts about future plans of his group in the defence sector, the industrialist had said there is a huge opportunity for private sector in the defence business as currently India imports 70 per cent of its requirement (in value terms) and accounted for 14 per cent of the global defence imports in 2016. According to the analysts present at the meet, Ambani also said there is over Rs 70,000 crore worth of offset obligation which is yet to be executed, which is a big playing field for Indian private sector.