In Reliance Life, Nippon plans to hike the stake from 26 percent to 49 percent, while it would increase its holding in Reliance Capital Asset Management Company from 35 percent to 49 percent.
Besides, Reliance Capital is targetting to more than double its housing finance business loan book to Rs 10,000 crore this fiscal and is aiming to become one of the top three players from the private sector in this business, he said.
Addressing the shareholders at its Annual General Meeting here, the Reliance Capital Chairman also reiterated that the company would set up a new bank in India in collaboration with Japan's Sumitomo Mitsui Trust Bank as and when RBI's policy permits.
He further said that the company would continue to unlock value at appropriate stages through stake sales in different businesses and also liquidate its financial investments in non-core areas, such as media, to book attractive returns.
Stating that he was looking forward to Reliance Capital's future with great optimism, Ambani said the company is in active discussions with Nippon Life Insurance to enhance collaboration for mutual benefit.
Pursuant to the government allowing higher FDI in insurance sector, Ambani said Reliance Capital is now in an advanced stage of discussions for Nippon Life to increase its stake from 26 percent to 49 percent in Reliance Life Insurance.
"Nippon Life Insurance is also actively engaged in the process of raising its stake in Reliance Capital Asset Management from 35 percent to 49 percent, at a higher valuation as compared to the last round," he added.
Ambani said these proceeds will flow to Reliance Capital and will be utilised to further reduce our overall debt levels.
Both these transactions with Nippon are expected to be completed within the current financial year, he added.


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