MUMBAI: Japanese insurer Nippon Life Insurance is likely to increase stake in both the businesses of life insurance and mutual fund in the current financial year.
“Pursuant to the increase in FDI limits announced by the Govt., Reliance Capital now at an advanced stage of discussions with Nippon Life Insurance, for an increase in their stake from 26% to 49% in Reliance Life.” Said Anil Ambani.
Nippon Life Insurance is also actively engaged in the process of raising its stake in Reliance Capital Asset Management from 35% to 49%, at a higher valuation as compared to the last round.
These proceeds will flow to Reliance Capital, and will be utilised to further reduce our overall debt levels.
Both these transactions are expected to be completed within the current financial year.
Reliance Capital will more than double its Housing Finance book to over Rs. 10,000 crore during this year.
The company is at an advanced stage of preparations for relaunching ICEX, and expect to grow the business in a significant manner, so as to attain leadership rankings in this space within 3 years.
Reliance Capital to continue to unlock value at appropriate stages through stake sales in our different businesses
Reliance Capital to continue to liquidate its financial investments in non-core areas, such as media, and proceeds from all monetisation of assets will primarily be utilised to reduce debt.