Reliance Capital Reportedly Ends Talks With Fincorp On Reliance General Sale
September 10, 2019 at 12:00 am EDT
Reliance Capital Limited (NSEI:RELCAPITAL) has called off a sale of Reliance General Insurance Company Limited to Hero FinCorp Limited, people familiar with the matter said. The talks for selling Reliance General Insurance which was at an advanced stage, ended after the company struggled to raise funds for the acquisition, said the people, asking not to be named as the information is not public. Reliance group is looking for alternatives for the insurance asset including reaching out to other potential buyers, the people said. A spokesman at Reliance Capital declined to comment, while a representative for Hero FinCorp didn't respond to an email and phone calls seeking comment.