Reliance Capital chairman Anil Ambani unveiled a slew of plans to make the company a financial sector giant. Speaking at Reliance Capital?s 22nd annual general meeting in Mumbai on Tuesday, he said that straight away, the company will invest around Rs 2,000 crore in the insurance business over the next three to five years, taking the total investment to Rs 4,000 crore.

?We aspire to be among the top three private sector life insurance companies in the country,? said Ambani. He added that Reliance Capital has identified areas where it has experienced higher expenses and claims and is in the process of re-pricing the risk.

?We are also looking at getting into newer segments of liability insurance as well as marine and hull insurance,? he said. Ambani also expressed his intention to enter the banking sector as and when regulations permit. At the moment, Reliance Capital will be entering into several new businesses which include asset reconstruction, institutional broking, housing finance and private equity. The company will also be setting up a separate housing finance subsidiary and non-banking finance company (NBFC) for the consumer finance business, Ambani added.

?We have already filed applications with concerned regulators in this respect and are awaiting their approvals,? he said.

He also spoke about the aim to make Reliance Capital a global entity. However, moves in this regard will be done selectively and with great attention to risks. ?We have already received regulatory approvals to set up our asset management operations in the UK and are considering launching new funds in the South-East Asian markets,? he said.

The company will selectively expand its asset management, life insurance and broking operations in emerging markets across Asia, Africa and the Middle-East, said Ambani.

Already, Reliance Money has moved into the international arena, setting up operations in West Asia, South-East Asia, Africa and Europe to tap the NRI community in these markets.

?Over the last three years, our market capitalisation has shot up by a dramatic 900% to over Rs 30,000 crore, creating additional shareholder wealth of over Rs 27,000 crore.?

He also mentioned that the company?s balance-sheet has not been leveraged significantly and thus there was no fear on that front.