Flush with billions of dollars in cash,
Mukesh Ambani-led Reliance Industries Ltd (RIL) has parked more than Rs
800 crore in various mutual fund schemes of younger sibling Anil-led
Reliance Group.
RIL has made these investments, totalling over Rs
800 crore, mostly in the Fixed Maturity Plans and other debt schemes of
Reliance Mutual Fund, market sources said.
Reliance MF is part of Anil Ambani-led group's financial services arm Reliance Capital Ltd.
Incidentally, RIL and Anil Ambani group yesterday announced their
first business partnership since a bitter family split in 2005. The two
groups have agreed to share optic fibre cables and other telecom
infrastructure including telecommunications towers for their respective
ventures, Reliance Jio Infocomm and RCOM in a Rs 1,200-crore deal.
The two groups, which about three years ago had scrapped a non-compete
agreement between them, have now also agreed for a comprehensive
framework of business cooperation.
RIL's investment in Reliance
MF schemes, which has been made over a period of last eight months,
comes as a clear departure of the oil-to-retail conglomerate's earlier
stance of parking surplus funds into almost all the mutual funds, expect
on those run by the Anil Ambani-led group.
At the end of fiscal
2011-12 ended March 31, 2012, RIL had invested over Rs 8,700 crore in
various mutual fund schemes, including Fixed Maturity Plans (FMPs), but
they did not include any scheme of Reliance MF. In contrast, RIL has always figured prominently in the stock portfolios of various schemes of Reliance Mutual Fund. At least 13 schemes of Reliance Mutual Fund had RIL as one of the
biggest stock in their respective portfolios as on March 31, 2012 and
together these funds held RIL shares worth well above Rs 500 crore.
According to market sources, there was a clear change in RIL's
investment strategy in the last fiscal 2012-13 in terms of deployment of
excess cash in mutual funds. RIL holds one of the biggest cash balance among all the corporates in the country.
It had cash and cash equivalent of Rs 80,962 crore (about USD 15
billion) as on December 31, 2012. A large portion of these funds are
parked in bank deposits, certificates of deposit, mutual funds,
government bonds and securities. RIL's outstanding debt as on December 31, 2012 stood at Rs 72,266 crore, making it a debt free company on net basis.
Its investments in various mutual funds had risen substantially from Rs 5,897 crore in 2010-11 to Rs 8,781 crore in 2011-12. The Reliance MF schemes that had significant exposure to RIL at the
end of 2011-12 included its Growth Fund, Vision Fund, Power sector fund,
Quant Plus Fund, Equity Opportunities Fund, Top-200 Fund, Natural
Resources Fund and ELSS Fund.
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