Reliance Capital upbeat on AMP Life takeover

DALAL STREET SPIKES

Reliance Capital has gained as the market responded to its latest acquisition, through its life insurance subsidiary of AMP Sanmar. The stock surged by 7.53 per cent to Rs 451.35 at close.

"The acquisition which was announced on Sunday, has given the Anil Ambani group of companies the advantage to make a foray into the life insurance arena with a bang," a dealer of a leading broking house said.

The largest acquisition of Reliance Capital after the division of assets between Ambani brothers, brings with it 90 branch offices and 9,000 agents.

This will enable the group to foray into life insurance segment, leveraging on the over one crore customer base of the group company, Reliance Infocomm.