Mumbai: Indian financial services firm Reliance Capital is in talks with state-run and private-sector lenders to sell a 23% stake in its life insurance business to boost distribution network, the Economic Times reported on Thursday.
The company, controlled by billionaire Anil Ambani, is negotiating with Axis Bank and Syndicate Bank among others for the stake sale in the insurance unit, the newspaper said citing people with knowledge of the development.
It did not give any financial details. A spokesman for Reliance Capital could not immediately by reached by Reuters for a comment.
Reliance Life Insurance, a unit of Reliance Capital, said in March Japan’s Nippon Life Insurance Company will pay $680 million for a 26% stake. The deal is awaiting regulatory approval.
The main businesses of Reliance Capital include insurance, asset management, broking, and consumer and commercial finance.