RCap to focus on consumer lending business

Reliance Capital in its AGM on Tuesday announced its plan to develop a new vertical for consumer lending business for better growth and profitability. The company also announced its plan to re-launch its commodity exchange with focus on diamond and crude oil futures. The aim is to focus on diamond futures as a flagship product with a potential daily turnover of over Rs 6,000 crore.

Anil Ambani in his AGM speech, while being bullish on the financial sector, communicated the intention of the company to list its home finance arm separately by April 2017. Reliance Capital may also list its commercial lending and insurance arms as and when markets provide the opportunity.

Anil Ambani said, "We are fully committed to growing investments solely in the financial services sector. We will monetise investment in non-core areas and book attractive returns”.

Reliance Capital is looking towards expanding its mortgage assets for growing manifold and is targeting a loan book of over Rs 50,000 crore to become one of the top players in the private sector. 

Reliance Cap shut shop at Rs 557.15 per share on BSE, trading down by almost 1.54 per cent.