Reliance Capital, Anil Ambani Group's financial services division has confirmed its acquisition of brokerage and equity research firm Quant Capital, without disclosing the financial details of the deal. After the deal is successfully completed, Quant's operations would be merged with those of Reliance Equity International, which is a 100% Reliance Capital owned subsidiary.

Incorporated in December 2007, Quant Capital began operations in May 2008, and currently has a workforce of over 100 employees. Over the years, the firm has managed to make a significant presence in both the domestic and international institutional markets.

"Reliance Capital proposed to take a majority stake in Mumbai-based Quant Capital Group. The existing management team at Quant Capital will continue to be responsible for its operations", the Anil Ambani group firm confirmed in an official statement.

After the acquisition, Reliance Capital is hoping to achieve benefits like synergies, cost optimization and increased scale of operations.

The acquisition, which has been approved and agreed upon by both the financial firms, is now subject to approvals from all necessary regulators.