Reliance Capital to Sell 26% Stake in General Insurance Business

Reliance Capital Chairman Anil Ambani announced a special dividend for shareholders, and said the company is in talks to sell a 26 per cent stake to strategic partners in its general insurance business.

The special dividend, to be considered by the company’s board on September 10, is being given for completion of 25 years of his group’s financial services arm Reliance Capital.

Ambani also said the company’s life insurance unit will partner with banks for distribution of products, while discussions are under way for Reliance Mutual Funds managing the funds of Japan’s Nippon Life.

Nippon Life, which has assets of over Rs 30 lakh crore globally and is a strategic partner in Reliance Life and Reliance Asset Management Company, will also help distribute Reliance MF products in Japan.

The Japanese financial services giant has acquired 26 per cent stake in Reliance Life for over Rs 3,000 crore in the largest FDI deal in the Indian financial services space.