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Reliance Cap To Sell Stake In AMC

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Reliance Capital is in advanced talks to sell stake in its asset management company to Japan's Nippon Life, two news channels said on Tuesday, citing its Chairman Anil Ambani.

Reliance Capital is also considering a bonus share issue as well as a special dividend, the channels said.

Earlier this month, Reliance Capital's chief executive Sam Ghosh told Reuters the two firms would initially explore partnerships in asset management and the private equity business, whereby Nippon Life could pick up a stake in the Indian firm's businesses.

In March, Nippon, the world's No.7 life insurer, agreed to pay $680 million to buy a 26 per cent stake in Reliance Life Insurance, valuing the business at $2.6 billion.

(Reuters)