Following this, Reliance Capital would be applying to the Reserve Bank of India (RBI) for registering itself as a core investment company and hopes to become a CIC soon.
The transfer, completed after receiving requisite regulatory, high court and shareholders' approval, will be effective from April 1, 2016, RCap said in a statement.
The transfer is expected to enhance employee engagement and retention through ability to grant ESOPs in the business.
"Reliance Commercial Finance Ltd (RCFL) now stands as a fully owned subsidiary of Reliance Capital. This completes our restructuring process as Reliance Capital moves to become a core investment company from next fiscal," RCap Executive Director Anmol Ambani said.
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In February last year, the company had announced the transfer of RCFL into a separate subsidiary subject to requisite regulatory.
RCap's shareholders had approved the transfer by an overwhelming majority of 99.99 per cent votes in favour of the 'scheme of arrangement' at the court-convened equity shareholders meeting held on September 10, 2016.
Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner - Nippon Life Insurance - with 49 per cent stake in each business.