Reliance Capital to hire 3,500 managers, 50,000 insurance agents

Reliance Capital now plans to increase its headcount to near 21,000 people in the current fiscal

Having witnessed a dip of over 4,500 staff from its headcount in last fiscal, Anil Ambani group’s financial services arm Reliance Capital will hire over 3,500 managers for its various businesses this year.

Besides, the company also plans to hire 50,000 insurance agents in the current financial year ending March 2012, Reliance Capital CEO Sam Ghosh told PTI.
The large-scale hiring plans comes on the back of the company witnessing a decline of 4,550 people from its headcount in its insurance, mutual fund and other businesses during the fiscal ended 31 March 2011.

The company’s total headcount stood at 18,069 as on 31 March 2011, down from 22,619 employees a year ago on 31 March 2010, as per its financial presentations for the two fiscals.

Reliance Capital now plans to increase its headcount to near 21,000 people in the current fiscal, Ghosh said.

Reliance Capital is the financial services arm of the Anil Ambani group, which also has presence in businesses like telecom, power, infrastructure, media and entertainment.

The group employee strength also dipped by around 10,000 employees between May 2010 and March 2011, but latest figures are not available for across-the-group headcount.

As per a Reliance Capital investor presentation in March 2011, ADAG had “120,000 young, trained and motivated people” across its various group companies, against a figure of “130,000 young, trained and motivated people” mentioned in a previous presentation dated May 2010.

The sharp decline in Reliance Capital’s headcount during 2010-11 was mainly due to life insurance business, while asset management, broking and distribution, and general insurance segments also saw their staff strength declining in the year.

Asked about the decline in staff strength, Ghosh said it was largely because of a cyclical movement of people in life insurance business and the company has already started a major hiring drive.

“The fluctuation in headcount last year was predominately on account of cyclical movement of sales managers seen in life insurance business. We have already started hiring sales managers for our life insurance business and will be crossing the 12,000 headcount mark by July,” Ghosh said.

“In addition, we also plan to add 50,000 agents in our insurance business during this fiscal,” he added. The insurance agents are not included in the company’s headcount.

On Thursday, Reliance Capital ended 2.58% down at Rs511.25 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.62% to 18,494.18.

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Aricent Group sells land parcel in Gurgaon’s largest corporate disposition

The land parcel is on the Old Gurgaon Highway, adjacent to the residential project Gurgaon One, and the ticket size of the deal is Rs206 crore

Aricent Group said that it has concluded the largest corporate land disposition in the history of the Gurgaon real estate market. The deal was brokered by international property consultants Jones Lang LaSalle India. The land parcel is on the Old Gurgaon Highway, adjacent to the residential project Gurgaon One, and the ticket size of the deal is Rs206 crore.

The transaction involved the sale of 17.63 acres of prime land to Ambience Developers, one of the largest local developers in the NCR region. It was conducted in accordance with GE Sigma 6 methodology, which ensured quality, operational excellence and optimal value creation.

Nitish Bhasin, managing director—Delhi NCR, Jones Lang LaSalle India, confirms that this transaction represents the single-largest corporate land disposition in Gurgaon till date. “Three of the largest national-level real estate players were the next-highest bidders for this strategically located land parcel. It was a complex transaction that involved a lineup up top bidders and was successfully concluded at the end of a fair and transparent two-bid process.”
 

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