Mukesh Ambani-led Reliance Industries has acquired shares in giants including HDFC, ICICI Bank and Axis Bank as part of long-term investments. It is also waiting for regulatory approvals for its foray into financial services sector. These financial investments, estimated to be worth over Rs 1,200 crore, include purchase of shares of six banks three each from the public and private sectors and one housing finance major, HDFC.
The acquired shares are classified as long-term investments of the country's biggest private sector company in its annual report for the year 2011-12.
RIL aims to build a leading financial services business in India and announced JV for the same in March 2011. This JV is awaiting necessary regulatory approvals for the commencement of business activities.
