Reliance Industries to foray into financial services sector with JV
May 9, 2011‐ Mumbai, Maharashtra, India
The annual meeting of Reliance Industries is one of the most watched event in the Indian business circles. All ears will keenly be looking to hear as to what India's biggest private sector company is planning and considering to do in the days to come. Needless to say, this year's annual communication is no different. This year's announcement from Reliance is that the mammoth is actively making its moves to enter into financial services market in a big way. Mukesh is reported to have said that Reliance will soon test its luck in the sector with a foreign partner and that many companies have already approached them.
Media sources say that the company is making the blue print of its business plan and is likely to bring next-generation financial services targeted at both the corporate and retail customers. The company’s recent agreement to start a joint venture with DE Shaw as a partner could be considered one of the first steps towards this. The company annual report said that the JV aims to 'build a leading financial services business in India'.
On a side note, readers may recall Mukesh sits on the board of Bank of America. With the Indian Government (and RBI) making moves to allow the entry of more private sector player to enter and offer banking and financial services, Reliance will undoubtedly be in the first to grab the opportunity.
Other top banking news
- Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15 (March 11, 2014)
- Indian banking sector to be hit with Microsoft withdrawal of support for XP (March 4, 2014)
- Withdrawal of old Currency Notes in circulation in India (February 22, 2014)
- Linking of MNREGS with the Banking System (February 22, 2014)