Indian financial services provider Reliance Capital has revealed plans to expand into investment banking over the next year, pushing into areas such as private equity with a focus on high net worth clients and institutions.

“We have recently commenced domestic fund raising for our first private equity fund with a special focus on high net worth individuals and financial institutions. This is a departure from the current norm, as domestic private equity players in India tend to raise most of their money in offshore markets,” Anil Ambani, chairman, told an annual shareholders’ meeting.

“Our approach is to first cater to the needs of the under-served domestic investors, before we set out overseas,” he said.

He said at the annual general shareholders' meeting on 21 July that the company's wide distribution network across corporate India places it in an ideal position to build a solid investment banking presence.

The firm's fresh initiatives are expected to further accelerate its growth momentum and lead to substantial value creation.

Reliance Capital is part of the Anil Dhirubhai Ambani Group.