By IANS
Mumbai : Reliance Capital will pump in Rs.20 billion (about $490 million) in its life insurance business over the next few years and also launch a consumer business arm in the near future, company chairman Anil Ambani said here Tuesday.
"Reliance Life Insurance will infuse over Rs.2,000 crore (Rs.20 billion) over the next three to four years to scale up the business, further expand its reach and distribution, and emerge as one of the top 3 private sector life insurance companies in the country," Ambani told the annual general meeting of the company.
He said the firm was open to potential investors who wanted to invest in the company's growing insurance business. He indicated that several players were scouting for a strategic stake in Reliance Capital and the firm may also launch a consumer business arm.
Ambani is planning to increase the company's headcount to a whopping 50,000 by 2009.
"We added a total of 4,200 employees during the previous year. In three months since, this number has risen by another 5,000 to reach nearly 11,000 employees. We expect to be 50,000-strong in the next 24 months," Ambani said, elaborating on the company's hiring strategy to provide recruitment through campuses located in metro and non-metro cities.
During the meeting, Ambani denied plans to launch a bank although he hinted at acquiring a bank if policies permitted.