Reliance Cap will exit lending biz, says ADAG chairman Anil Ambani
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Mumbai, Sept. 30 -- Reliance Capital Ltd will exit its lending business and let its insurance units become long-term value creators, said Anil Ambani, chairman of Anil Dhirubhai Ambani Group (ADAG).
Reliance General Insurance business is currently valued at more than Rs.8,000 crore while Reliance Capital's total investment in the life insurance business was Rs.3,000 crore.
Elaborating on the company's plan for its lending businesses, Ambani said Reliance Home Finance and Reliance Commercial Finance are working closely with lenders to finalize a resolution plan, which is expected to be completed by December 2019.
"Reliance Capital will be a financial shareholder in both companies to re-converge shareholder value under the new management...
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