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RCap to sell non-core biz

Anmol Ambani said there has been a huge surge in bank deposits, mutual inflows due to demonetisation

Press Trust of India  |  New Delhi 

anmol, ambani
Anmol Ambani

Capital (RCap) is eyeing large capital gains from sale of non-core by March next year and Executive Director Anmol Ambani has favoured a ‘transformation’ to serve new-age customers.

and are the largest markets in the world, and RCap intends to ‘go digital’ in all its businesses to serve the new age customers,” Anmol said while addressing analysts along with his father and chairman, Anil Ambani, on business plans of RCap.

At the meeting, the analysts were also told that financial services remain a core and high growth business for the group. Beside, profitable monetisation of all non-core is underway and will be done by March 2018, leading to large capital gains.

Home Finance’s listing will be completed by the next quarter, subject to regulatory approvals and the consumer business will be the new growth engine for the firm in the next three-five years.

During the meet, the company discussed various aspects of its key businesses with respect to overall market opportunity, its transformation and initiatives to achieve profitable growth. Anmol, who joined RCap as a director last year, after two years of training at the company, said it aims to be among the top three across all its businesses.

The company is present in life and general insurance, mutual funds, commercial finance, home and brokerage among other businesses. “India, and the domestic financial sector, is at an inflection point in terms of economic growth. RCap, being one of the largest financial services’ company, is well placed to benefit from this change,” Anmol said.

“In the past two and half years, has moved from red tape to red carpet, reform to transform, incredible to credible for doing business,” the chairman said.

He said that there has been a huge surge in bank deposits and mutual inflows due to demonetisation.

With investor preference moving away from gold to productive assets, he said there can be a dramatic change in India’s growth trajectory.

First Published: Sat, March 18 2017. 01:06 IST