RELIANCE CAPITAL PLANS $500M INSURANCE INVESTMENT

India-based Reliance Capital, the financial arm of the Anil Dhirubhai Ambani group, is intending to plough $500 million into its insurance business as part of a $1 billion investment in new businesses. While half of the $1 billion will be used to finance Reliance Capital’s entry into institutional broking, housing finance, asset reconstruction and private equity, the remainder will be spent on its insurance business. Company chairman Anil Ambani, the Indian billionaire who has recently been linked with the potential purchase of an English premiership football club told shareholders that the investment would be spent on new segments of liability insurance as well as marine and hull insurance.