From correspondents in Maharashtra, India, 10:32 PM IST

Reliance Capital, an arm of the Anil Dhirubhai Ambani Group, will set up a separate housing financial subsidiary and non-banking financial company (NBFC) for the consumer finance sector, the company's top official announced here Tuesday.

"Going forward, we plan to set up a separate housing finance subsidiary and NBFC for the consumer finance business," Reliance Capital chairman Anil Ambani said during the company's annual general meeting.

"We have already filed applications with the regulators in this respect and are awaiting approval," Ambani said.

Reliance Capital will invest more than Rs.40 billion ($860 million) across its portfolio including insurance over the next three to five years, he said.

Ambani said his company is also planning to selectively expand its asset management, life insurance and broking operations in emerging markets across Asia, Africa and the Middle East.

"Together, these investments and initiatives will further accelerate our growth momentum and lead to substantial value creation," Ambani added.

(Staff Writer, © IANS)