Anil invokes Dhirubhai's philosophy at RCap AGM

Anil Ambani, head of one of India's top five business houses, today said his group believes in not just creating wealth but also sharing it with investors, a philosophy propounded by his father Late Dhirubhai Ambani.

Asserting that Anil Ambani group was already among the top five business houses despite being the youngest among the large ones, the group chairman said that many "significant value-unlocking and growth opportunities" were on the anvil at Reliance Capital.

Addressing the shareholders at Reliance Capital's 24th AGM, Ambani listed out various achievements of the group in a short span of just 4 years since the effective re-organization of the Reliance Group in 2006.
    
"Our Group is by far the youngest of all large business houses in India, but we already rank among the top 5 on every important financial and operating parameter," Ambani said, adding that the group had over one crore shareholders and was servicing over 23 crore customers every day.
    
"We enjoy the trust of over 1 crore shareowners across the Group, the largest such family anywhere in the world.
    
"This has allowed us to truly capture the essential philosophy of our founding-chairman, the legendary Dhirubhai Ambani, who believed that an entrepreneur's dharma or duty is not just to create wealth but to also share it with investors," he said.
    
"We are among the largest employers in the country" with about 1,20,000 staff with an average age of under 30 years, he said.
    
Ambani said that the group had a market capitalization of over Rs 1,25,000 crore, net worth in excess of Rs 83,000 crore, assets of Rs 180,000 crore, revenues of over Rs 46,000 crore (USD 10 billion), cash flow in excess of Rs 11,000 crore and net profits of over Rs 7,000 crore.
    
About Reliance Capital, he said that it was a small asset management company five years ago and also doubled up as the investment arm of the unified Reliance Group.
   
"Today, we are a diversified, full-spectrum financial services company, with assets under management of nearly Rs 1,50,000 crore."
    
Taking a dig at industry giants, Ambani said:"Remarkably, while many of the 'giants' of India's financial services market have grown on the back of tie-ups with large foreign partners, our growth is totally organic and made in India!
   
"I see our spectacular success as a vindication of my enormous faith in the power of Indian investors, Indian financial markets and Indian entrepreneurship," he said.
   
"Reliance Capital is poised to capitalize on this immense growth opportunity across all its business segments. Looking ahead, there are a number of significant value-unlocking and growth opportunities on the horizon," he said.
   
Listing out the value unlocking opportunities, he said that Reliance Life would be listed as soon as guidelines come out for insurance sector IPOs.