Reliance Capital chairman Anil Ambani on Tuesday proposed a special interim dividend for shareholders, on the occasion of the completion of the 25 years of the company.
Addressing shareholders at the company's annual general meeting, he said that Reliance Capital would consider special dividend to shareholders on September 10.
Ambani also said that the life insurance arm of the company, Reliance Life would tie-up with banks for distribution of products and to enhance their reach.
Further, he said that the company's strategic partner Nippon Life will help distribute Reliance Mutual Fund products in Japan and are in discussions with Reliance Mutual Fund to manage its funds in India. Nippon Life manages Rs 30 lakh crore (Rs 30 trillion) assets globally.
Nippon Life bought a 26 per cent equity stake in Reliance Capital Asset Management for about Rs 1450 crore (Rs 14.5 billion).
It also acquired 26 per cent stake in Reliance Life for nearly Rs 3,000 crore (Rs 30 billion).
Reliance Capital Asset Management has Rs 1.41 lakh crore (Rs 1.41 trillion) assets under management in 2012, compared to Rs 9543 crore (Rs 95.43 billion) assets under management in 2005.
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The company also said that they have sufficient capital available for this purpose.
The life insurance arm of the company had 1.1 million policies in 2012 compared to 40,000 policies in 2005.
The total premium amount stood at Rs 5.500 crore (Rs 55 billion) in 2012, compared to Rs 107 crore (Rs 1.07 billion) in 2005.
Similarly, its general insurance arm had 2.6 million policies in 2012, compared to 1,00,000 policies in 2005.
The annual premium for this arm stood at Rs 1,712 crore (Rs 17.12 billion) in 2012, compared to Rs 162 crore (Rs 1.62 billion) in 2005.
In the next five years, Reliance Capital aims to increase the customer base to 5 crore (50 million), compared to the present 2 crore (20 million) customers.
