MUMBAI: Sam Ghosh, who steered Reliance Capital for about nine years as its CEO, is leaving the company to pursue other options. A release from the company said that Ghosh has “contributed towards building a strong portfolio of businesses across asset management, life and general insurance, commercial and housing finance, broking and distribution etc.” Market rumour is Ghosh is moving to a large business house with growing interests in financial services.
Ghosh was involved in several large deals, joint ventures and divestitures by Reliance Capital. Those deals include getting Nippon Life, one of the largest insurance companies in the world, to buy 49% stake in each of its life insurance and mutual fund businesses.
In the release Reliance Capital said a new CEO for the company will be announced soon. It also said that as per RBI guidelines, it was on track to complete its transition to become a core investment company (CIC) by March 31, 2017. Under the CIC structure all operating businesses will be under separate operating companies which will be either a fully-owned subsidiary or majority owned and each led by a CEO.