Mumbai : Reliance Capital will enter the life insurance business with an investment of Rs.20 billion (about $490 million) over the next few years, company chairman Anil Ambani said here Tuesday.
He also said that the firm was open to potential investors who wanted to invest in the company's growing insurance business.
"We will infuse over Rs.2,000 crore (Rs.20 billion) in life insurance business in the next few years," Ambani told the annual general meeting of the company, adding that the idea was to increase the company's headcount to 50,000 from the present 11,000.
He said several players were scouting for a strategic stake in Reliance Capital and that the firm may also launch a consumer business arm.
During the meeting, Ambani also denied plans of launching a bank in the near future even as he hinted on acquiring a bank if policies permitted him to do so.