Nippon Life to hike stake in Reliance Life Insurance, MF biz: Anil Ambani

Zee Media Bureau

New Delhi: Anil Ambani on Wednesday said that Japanese financial services giant Nippon Life is in talks to hike its stake in Reliance Life Insurance from 26 percent to 49 percent and in Relaince MF from the existing 35 percent to 49 percent.

Besides, Reliance Capital is targetting to more than double its housing finance business loan book to Rs 10,000 crore this fiscal and is aiming to become one of the top three players from the private sector in this business, he said.

Addressing the shareholders at its Annual General Meeting, the Reliance Capital Chairman also reiterated that the company would set up a new bank in India in collaboration with Japan's Sumitomo Mitsui Trust Bank as and when RBI's policy permits.

Both these transactions with Nippon are expected to be completed within the current financial year, he added.

On home loan business, Ambani said, "Reliance Capital will more than double its housing finance book to over Rs 10,000 crore during this year, and rank among the top 3 players in the private sector in India within the next 3 years."

With Agency Inputs