Reliance Capital, the financial services firm of the Anil Ambani-led Reliance Group, is in talks with three international firms -- US-based insurer Travelers Companies Inc. and Samsung Fire & Marine Insurance Co, the general insurance arm of South Korean electronics-to-financial services conglomerate Samsung Group, and a Japanese insurer -- to sell 26% stake in its general insurance arm, according to reports.
Reliance General Insurance is one of the few private firms out of the 24 general insurers in India without a foreign partner.
Reliance Capital, who has sold a similar stake from its life insurance unit to Nippon Life Insurance Co. earlier this year, is also in talks with a unit of Nippon for the general insurance unit stake sale.
Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, investment banking, wealth management services, commercial finance, exchanges and other activities in financial services.
