Reliance Capital to sell 23% stake in Reliance Life Insurance

Reliance Capital is going to sell a 23% stake in its life insurance business. The deal is far from final right now. Negotiations are on with both public and private enterprises. Axis Bank and Syndicate Bank seem to be ahead of the others right now but there have been no announcements from Reliance Capital for the same.

Reliance Life Insurance had sold another 26% stake to Nippon Life Insurance Company. The deal was worth $680 million. However the deal has not gone through yet since it is still waiting for regulatory approval.

It seems an interesting move on the part of Anil Ambani controlled part of Reliance group. Especially since the Mukesh Ambani controlled part of the company bought into Bharti AXA Life Insurance Co Ltd. It controls a 76% stake in Bharti AXA Life Insurance Co Ltd now.

One brother is selling and the other buying into Insurance. Is this out of mutual respect between the brothers or something bigger is afoot. Stay tuned investors; the ride could be a little bumpy ahead.