Reliance Capital has announced that it will be offloading a 26 per cent stake in Reliance Life, its life insurance subsidiary, which is the fastest growing life insurer in India.
At the moment the company is still evaluating all its options and is yet to choose the best one. Said its CEO, Sam Ghosh, “We have three options on the table.”
Among the alternatives is to identify a foreign partner (either an insurer or a financial firm, or go in for an initial public offering. The company has received some offers in the past from foreign insurers but these were rejected.
The process is to take three months.
The idea is to source funds to enable a more aggressive expansion policy.
However, no such strategy is planned for Reliance General Insurance, which has not expanded as well. In fact, Ghosh indicated that till the company does not get profitable, there would be no similar exercise planned for it.
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