Mumbai–Reliance Capital Chairman Anil Ambani on Tuesday introduced his son Anmol to the company’s shareholders as a newly-inducted director on the board and said he has already brought “tremendous luck” to the financial services firm.
“Anmol has brought tremendous luck. The stock price has risen 40 per cent since his induction to the board. He has added to the value-creation for our shareholders,” the chairman said of his 24-year-old eldest son.
“I hope and I’m confident this ‘Anmol Effect’ will continue, based on the improved performance, growth and teamwork,” Anil Ambani said.
“I hope Anmol will receive your support and blessings — along with my father’s and my mother’s. He is the beneficiary of an extremely loving and value-based upbringing by his mother — Tina Ambani.”
He said his son also represented a young work force in the company with an average age of under 34 years.
An alumnus of Warwick Business School, Britain, Anmol has been working in various units within Reliance Capital since 2014. He was a part of the interactions with Nippon Life for increasing stake in Reliance Life Insurance and Reliance Capital Asset Management in the last two years.
Shifting to the company, Ambani said he expected a record performance by the company during this financial year, and announced that Reliance Capital will now operate on a calendar year basis to be in line with global practices.
He said Reliance Commercial Finance will be a 100 per cent subsidiary By December 1.
The transfer of Reliance Commercial Finance into a separate wholly owned subsidiary was approved by 99.99 per cent of the company’s shareholders at the court convened meting held here earlier this month.
He indicated similar approach towards Reliance Commercial Finance, the general insurance and life insurance businesses of the company. Japan’s Nippon, which has invested 9,000 crore in insurance businesses is the highest so far by a Japanese company in India, said Ambani.
During the meeting with shareholders, the chairman also announced the re-launch of a commodity exchange, with a daily turnover of over Rs 6,000 crore and diamond as a flagship product. Non-core investments will continue to be monetised to unlock shareholder-value, he added.