Reliance is planning to disjoint one of its firms and make its separate one. the firm which will be divided from the joint firm is Reliance Commercial Finance Ltd (RCFL). RCFL soon to be called as a wholly owned subsidiary.
The RCFL is the non-banking finance venture. The division was allowed by the Reliance shareholders and 99.9% of the votes were in the favor of its decision.
ED of Reliance capital Anmol Ambani said, "Reliance Commercial Finance now stands as a fully owned subsidiary of Reliance Capital. This completes our restructuring process as Reliance Capital moves to become a Core Investment Company from next fiscal. The proposal will enhance management focus and provide flexibility to the Company to unlock value through stake sale.”
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