The Anil Dhirubhai Ambani Group (ADAG) is now turning inward to further its financial services business, after expanding in the domestic market aggressively. The group is launching a wholly-owned subsidiary, Reliance Capital Services (RCS), which would exclusively target the existing customers, shareholders and employees of ADAG companies to sell financial products.
RCS would sell insurance and consumer finance products to about 17.5 crore customers.
Reliance Capital is in the process of obtaining permission from a large number customers of ADAG group companies. Once customer permissions are in place, RSC would approach them with products more suitable for their needs. And ADAG group’s customers, shareholders and employees would be approached once the firm becomes operational. RCS will be a 100% subsidiary under Reliance Capital, ADAG’s main arm for the financial services business.
While RCS would sell life and general insurance products, along with consumer finance products like home loan, car loan and personal loans, to this captive customer group, it would not distribute mutual fund and broking services.