Indian insurer sale called off

Posted On: Sep. 10, 2019 6:47 AM CST

Indian financial services firm Reliance Capital Ltd. has called off the sale of its general insurance unit to Indian financial company Hero FinCorp., The Hindu Business Line reports citing sources. Hero FinCorp was in advanced talks to buy Reliance General Insurance Ltd. for around $860 million. The talks ended after the shadow financier struggled to raise funds for the deal.