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Anil Ambani, son to brief analysts on financial services biz

Press Trust of India  |  Mumbai 

In their first interaction with analysts on business plans of Capital, Chairman Anil Ambani and his son Anmol will brief them tomorrow on the path ahead for the group's financial services business.

The proposed interaction follows a similar analyst meet held by Infrastructure on February 27 wherein Ambani had addressed the analysts about the group's future business plans in the defence sector.

In a regulatory filing to the stock exchanges, Capital said that analysts meet will be held tomorrow here to give update on the company and its businesses.

Besides the Chairman, the meet would be addressed by his 24-year-old son Anmol, who joined as a Director last year after two years of training at the company, sources said.

Sources said the father-son duo would also be accompanied by the CEOs and senior executives of various units of Reliance Capital, which is present in life and general insurance, mutual funds, commercial finance, home finance and brokerage among other businesses.

The meet follows within days of the company announcing that its CEO Sam Ghosh will leave the firm on March 31, after completing a nine-year tenure.

Introducing the son as a new director on Reliance Capital's board, the Chairman had said at the company's AGM last September that Anmol has brought "tremendous luck" with a 40 per cent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further.

Thanking the shareholders at the company's Annual General Meeting for their "vote of confidence" in 24-year-old Anmol's appointment as an Executive Director, Ambani said his son is "part of this younger demography and will relate to the future customers, shareholders, employees as well as the other stakeholders of Reliance Capital".

Reliance Cap has roped in strategic partners in some businesses including life and in recent years, while it is in the process of demerging Reliance Commercial Finance into a separate company and also list Reliance Home Finance as an independent entity.

In the analyst meet hosted by Reliance Infra, Anil Ambani had said defence sector will be the largest business area the company in the next few years and foresaw opportunities worth Rs 1 lakh crore per annum in acquisitions for the armed forces.

Ambani had said the Group's focus will be to become a leading manufacturer and supplier of advanced weapon platforms and military hardware to meet the requirements of the Navy, Indian Air Force and the Army and also mark the company's presence across the world.

Briefing over 80 analysts about future plans of his group in the defence sector, the industrialist had said there is a huge opportunity for private sector in the defence business as currently India imports 70 per cent of its requirement (in value terms) and accounted for 14 per cent of the global defence imports in 2016.

According to the analysts present at the meet, Ambani also said there is over Rs 70,000 crore worth of offset obligation which is yet to be executed, which is a big playing field for Indian private sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 20:58 IST