Reliance Capital Ltd., supervised by Ambani, is in talks to shape a deal to sell Mumbai-based Reliance General Insurance to Hero FinCorp Limited. Negotiations are ongoing and may not result in a deal.
The plan to sell the fully-owned insurance unit is part of efforts by the former billionaire to cut his conglomerate’s liabilities after a debt-fueled expansion in the past decade led to the collapse of his telecom unit and placed other businesses under stress.
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Reliance Capital earlier this month protested a three-step downgrade by Care Ratings to its credit score, saying the rating company didn’t fully factor in the impact of its plan to raise more than 100 billion rupees via asset sales and cut overall debt by more than half this financial year.