Anil group’s trust in RIL goes unrequited?

Anil Ambani group's mutual fund house trusts Reliance Industries to be of great investment value,but the Mukesh Ambani-led firm appears to have no interest in the largest fund house Reliance Mutual Fund.

Anil Ambani group’s mutual fund house trusts Reliance Industries to be of great investment value,but the Mukesh Ambani-led firm appears to have no interest in the largest fund house Reliance Mutual Fund.

More than a dozen schemes of Reliance Mutual Fund,a part of Anil Ambani group’s financial services arm Reliance Capital,have invested heavily in RIL. Also,RIL is the single largest equity investment for at least five Reliance Mutual Fund schemes.

Reliance Industries,the top valued corporate entity in the country’s stock market,has investments in various schemes belonging to about two dozen fund houses,but none with the largest fund house Reliance Mutual Fund,which is part of his younger brother Anil’s group.

Story continues below this ad

In its latest annual report for 2008-09,RIL has disclosed investments in over 60 mutual fund schemes,which belong to about 25 various fund houses including ICICI Prudential,SBI Mutual Fund,LIC Mutual Fund,DSP Blackrock and even the new players like Religare and Mirae Asset MFs.

However,not a single Reliance MF scheme figure among the mutual fund investments of RIL,which is engaged in a long-running gas supply dispute with Anil Ambani group firm RNRL and the case is currently being heard in the Supreme Court.

In contrast,the portfolios of almost all the equity- investing Reliance MF schemes have RIL as one of their top 10 holdings as on September 30,2009.