MUMBAI: Reliance Capital today hived off its commercial finance devisio into a separate subsidiary. "The shareholders of Reliance Capital have approved the transfer of its commercial finance division - Reliance Commercial Finance (RCF) - into a separate wholly owned subsidiary," said the company in a statement. RCF is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The Company has asset under management including securitized portfolio) portfolio of Rs 16,451 crore as of June 30, 2016. "This transfer will align RCF with overall operating structure of Reliance Capital where all operating businesses are held in its wholly or majority owned subsidiaries," said Sam Ghosh, ED & Group CEO, Reliance Capital.

Source: Economic Times September 12, 2016 06:11 UTC