Reliance Capital looks at stake hike by Nippon Life, exit media

Mumbai, Sep 30 (IANS) Reliance Capital, a part of the Anil Ambani’s group, is in advanced stages of discussions with Nippon Life, for an increase in their stake from 26 percent to 49 percent in Reliance Life, the shareholders were told on Wednesday.

The company also said it was on track to re-launch its commodities exchange platform and expected to grow this business in a significant manner to attain leadership rankings in three years. It also said it will exit from non-core areas like media, expecting to book attractive returns.

Speaking at the annual meeting with the stakeholders, chairman Anil Ambani said talks were also on with the Japanese major to enhance its collaboration with Reliance Capital and raise its stake in its asset management arm from 35 percent to 49 percent — at a higher valuation.

“These proceeds will flow to Reliance Capital, and will be utilised to further reduce our overall debt levels,” the chairman said, adding that both transactions were expected to conclude within the current financial year. Ambani also hoped to cut the company’s debt with these moves.

He said Reliance Capital will more than double its housing finance exosure to over Rs. 10,000 crore during this year and rank among the top three players in the private sector again by 2018.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here