Indian financial services company Reliance Capital is in negotiations with potential partners to sell more than 26 percent of its general insurance business, although much can be at least six months away, its CEO said late Sunday.
The media have named Travelers Companies and Samsung Fire and Marine as its share of potential buyers, but Sam Ghosh declined to identify the parties with whom the company is negotiating.
"We've discussed a couple of players, it can take us at least six months," he said.
Reliance Capital, controlled by billionaire Anil Ambani, managing assets of over $ 19 billion over mutual funds, pension funds, managed accounts and hedge funds.
Among its other businesses are insurance, brokerage, consumer and commercial finance.
Ghosh said the company tried to close the deal to sell 26-percent share of the financial business in Japan's Nippon Life Insurance no later than 31 March of next year.
"We are currently in the due diligence 26 per cent, and fingers crossed, we will close by the end of the year in India, 31 March," he said.
"We manage some of the Nippon Life, Japan, India and the money they contribute to our products," he said.
Nippon Life has already acquired a 26 percent share of Reliance Life Insurance $ 680 million, valuing the business of $ 2.6bn.
Ghosh said that Reliance targeted to almost double the assets under management and advisory business in Europe, the Middle East and Africa (EMEA) region $ 1 billion over the next two years.
Assets under management in this area are $ 80m, $ 40 mA up to a year ago, and its advisory assignments are currently a total of approximately $ 500 million, business area manager RM Sriram said.
A key part of the company's business, Dubai has advised the medium and large Indian companies are approaching the international market or are looking for international partners.
Reliance intends to continue its banking license in India, and Ghosh, said that although the government's draft Guidelines provide investment 5 billion rupees, he felt that Reliance would have to plow 15 billion rupees over two years to build a pan-Indian bank.
He said Reliance was open to acquisitions in the banking space.
"Help, do not talk about the acquisition, but we have to study it, if we do not," he said, adding that Reliance wanted the bank to a strategic investor, but the instructions provided for the 5-percent share of the border partner.
Article Source:- http://www.emirates247.com/business/india-s-reliance-eyes-insurance-stake-sale-2011-12-12-1.432353
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