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India: Reliance Capital eyes stake sale in insurance unit in current fiscal

May 6, 2014 - 6:00am

India-based Reliance Capital Ltd. will look to sell part of its stake in its wholly-owned unit Reliance General Insurance Co. Ltd. during the current fiscal year, reports The Hindu Business Line.

Reliance Capital had eyed a stake divestment in the insurer in the previous fiscal, though nothing materialized.

The insurer's gross written premiums for the year ended Mar. 31 2014 totaled 24.42 billion Indian rupees ($406.8 million), up 20% year on year, The Hindu Business Line reported.

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