Sam Ghosh, chief of Allianz AG?s operations in the Middle East and India, who will soon take over as the new managing director of the Anil Ambani-controlled Reliance Anil Dhirubhai Ambani Group’s (R-ADAG) financial services flagship Reliance Capital is expected revamp its operations to achieve leadership postions in all business segments.
Ghosh had earlier steered two of Allianz’s insurance joint ventures in India with Bajaj Auto — Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance — to gain second position in a short span of time and was also actively involved in getting a banking license for Allianz in India.
As and when regulation permits, Reliance Capital is also keen to enter the domestic banking space. It is believed that the current managing director of Reliance Capital, Amitabh Chaturvedi, is on his way out despite the group?s efforts to retain him.
However, when contacted, ADAG officials did not confirm the development of Ghosh?s entry into Reliance Capital. It is understood that Ghosh will report to Amitabh Jhunjhunwala, vice-chairman of RCL.
Ghosh is believed to have put in his papers at Allianz and is waiting for a few formalities to be completed before joining RCL.
Reliance Capital is one of India?s leading private sector financial services companies, and ranks among the top three private sector financial services and banking groups, in terms of net worth. It has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services.
All the financial sector services companies of R-ADAG have become aggressive and have ambitious plans for the future. Reliance Life Insurance, which started late after buying out AMP Sanmar Life Insurance, is already ranked fifth in the general insurance business. Reliance General Insurance, during the April-September period, emerged as the second largest private sector company.