Anil Ambani owned Reliance Capital has made announcement that the company envisages to pump Rs 2,000 crore in its insurance business segment in the coming three to five years.

While addressing the Annual General Meeting of Reliance Capital, Mr Anil Ambani, the company's Chairman remarked that it would spend Rs 2,000 crore in its insurance business, taking the total investment to Rs 4,000 crore over the next 3-5 fiscals.

Private sector based Reliance Capital is one of leading financial service conglomerate of the country.

According to the sources, through the proposed investment, the company's employee base would also be bolstered to about one lakh from the present 30,000

Stockholm - Swedish group Husqvarna, a leading maker of chainsaws, lawnmowers and other garden equipment, issued a profit warning Tuesday and announced it would cut 850 jobs.

The move was due to a drop in demand in North America and Europe, the group said.

"The third quarter marks the end of the gardening season, and the effect of a weak season has a strong impact on this quarter," chief executive Bengt Andersson said in a statement.

Andersson added that "we have also noted greater caution on the part of our professional customers, especially in the construction industry."

Domestic brokerage house, SMC Group, had entered into joint venture agreements (JV) with Sanlam Investments to offer wealth and asset management services.

Indian Oil Corporation (IOC) announced that it has decided to raise the capacity of its Mathura refinery to 11 million tonnes from the present eight million tonnes and was looking forward to early clearance at the Central government level.

While addressing reports, Mr. B N Bankapur, director of  Indian Oil Corporation remarked, “We have approached the Ministry of Environment and Forest for clearance to expand our Mathura refinery."

According to the sources, the addition in Mathura refinery has been hanging fire with the Ministry of Environment and Forest for authorization as fears have been expressed about the impact the project might have on the 17th-century monument Taj Mahal.

The Sahara group would no longer hold NBFC license. The license was held by Sahara India Investment Corporation (SIIC). SIIC is a flagship company of Sahara India Financial Corporation and acts as a residuary non-banking finance company (RNBC).

According to the RBI report, SIIC has voluntarily decided to exit the NBFC (non-banking finance company) business from now onward. The company is likely to shift its focus toward reality business.

The Sahara Corporation is completely revising its real estate business. There must be some cross-holding issues between Sahara India Investment and Sahara India Financial Corporation but the executive of the company did not disclose the detail.