Reliance Capital to exit all non-financial business in 12-18 months

Mumbai: Reliance Capital chairman Anil Ambani on Tuesday said the company is aiming to reduce its debt by exiting all the non-financial businesses in its portfolio in the next 12-18 months. He said the company is looking to list it's general insurance company, Reliance General Insurance, in the current financial year.

"We want to dramatically reduce debt at the Reliance Capital, the parent company, level, considering it is a core investment company," Ambani told shareholders at the company's 32nd annual general meeting.

"It will be driven by value creative divestments of all our non-core businesses, best described as every business that is not related to the financial services business will not be in our portfolio in the next 12-18 months," he added.

Reliance Capital is engaged in businesses of asset management, insurance, commercial and home finance and equities and commodities broking. Its home finance company- Reliance Home Finance - has also been approached by global companies to partner in affordable housing segment, according to Ambani.

"We are in discussion with a strategic partner to take a large stake in the company. As that transaction, hopefully, concludes in next few months, we will be transforming the company, and we will be amongst the most profitable home finance company in the country," he said.

The company's executive director, Anmol Ambani, said Reliance Health Insurance is going to be launched in this quarter. He further said the company's is looking at identifying key emerging business areas within the financial services and financial technology space.