By IANS,
Mumbai : Reliance Capital, part of the Anil Dhirubhai Ambani Group, will invest Rs.20 billion in its insurance business over the next three to five years, the company announced here Tuesday.
“As a part of the future growth plan, the company will “invest Rs.20 billion ($454 million) in our insurance businesses, taking our cumulative investment to over Rs.4,000 crore, or nearly a billion dollars,” Reliance Capital chairman Anil Ambani said at the company’s annual general meeting.
“We aspire to be among the top three private sector life insurance companies in the country,” Ambani said.
“In the past three years, we have ramped up our distribution network from 78 to 750 branches. We expect to more than double this number to reach a target of 1,800 branches by the end of this year. Our agency force has reached 200,000 – a 10-fold increase in the past three years,” Ambani said.
He also added that the company is planning to enter the banking sector “as and when the regulatory environment permits”.