Rel Life Insurance plans listing

Reliance Capital also plans to enter the investment banking business,Ambani said. The company expects to leverage its relationship across corporate india and the reach of its distribution network. Referring to its foray into private equity,Anil Ambani said the company has commenced domestic fund raising for its first private equity fund with a focus on high networth individuals and financial institutions. During the financial year ended March 31,2009,Reliance Life Insurance had earned new business premium of over Rs 3,500 crore,registering an annual increase of over 28 per cent. The company has issued over 3 million policies till date. The company has reported a 22 per cent increase in total income at Rs 5,976 crore for FY 8217;09,however net profit increase by only 1 per cent at Rs 1,016 crore. The Indian insurance market,a Rs 2.74 lakh crore 56 billion business in 2008,is expected to nearly double to Rs 4.90 lakh crore 100 billion by 2012. While at present up to 26 per cent foreign direct investment is allowed through the automatic route,the government is expected to increase the FDI cap through automatic route to 49 percent in the next round of insurance sector reforms, said Ambani.

However,according to reports,the insurance regulator,IRDA,had said that Reliance Life can not come out with an IPO at the moment. The regulator had said that any Indian promoter having more than 26 per cent equity in an insurance venture can reduce its stake only after ten years.

At the moment they have not finished 10 years but if the central government wishes to reduce the period it is a matter to be decided by the government, IRDA chief J Harinarayan had said.

ADAG to invest Rs 10,000 crore in cement

Mumbai: Anil Ambani group ADAG company Reliance Infrastructure has chalked out big plans to set up cement plants which entail an investment of Rs 10,000 crore. Company chairman Anil Ambani said,8221;As a natural extension of the power and infrastructure interest of our group,it gives us strategic advantage to enter into cement.8221; Observing that nearly 40 per cent of the cost of making cement comes from coal,fly ash and power,Ambani told shareholders at the 80th annual general meeting that 8220;given all the three ingredients are at the core of our existing portfolio,there are obvious synergies that are waiting to be exploited.8221; The company will invest Rs 10,000 crore in setting up cement plants over the next five years which will make the firm one the top five cement players in the country,Ambani said. Last week,another group company Reliance Cementation had signed an MoU with the Maharashtra government for setting up a cement plant in Yavatmal. ENS