Anil Dhirubhai Ambani group owned Reliance Capital Ltd plans to enter the investment banking business over the next 12 months.
"Given the scale and magnitude of our relationships across corporate India and the sheer size and reach of our distribution network, we're ideally positioned to create a significant presence in this business," Anil Ambani said at an annual shareholders' meeting, according to Dow Jones.
Reliance Capital has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products and consumer finance.
In fact, Reliance Money Ltd already has a merchant-banking licence which it received in last September. Reliance Money was looking at fund-raising deals for the smaller group companies.
In another crucial announcement, Ambani said today that the company may go in for an initial public offering, a private placement or a combination of the two for its life insurance business.
He said it's a "potential goldmine" for investors.