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May 25, 2012, 11.32 AM IST
Canada's Intact Insurance and German insurer HDI-Gerling International Holdings have emerged as top contenders to buy 26% stake in the non-life insurance business of Reliance Capital, the Mint reported on Friday.
The deal could be valued around Rs 1,500 crore, the newspaper said, quoting two people with direct knowledge of the matter. UBS India has been appointed advisors to Reliance General, it said. Reliance Capital, controlled by billionaire Anil Ambani, has been looking to sell minority stakes in its key businesses to cut the group's debt. Last year, its CEO said the company was in talks with potential partners to sell 26% stake in the general insurance business. The prospective Canadian bidder is part of Toronto-based Intact Financial Corp , while HDI-Gerling is a unit of Germany's third-largest insurer, Talanx. Media reports have also named Travelers Companies and Samsung Fire and Marine among potential buyers. Earlier this year, Nippon Life Insurance agreed to pay USD 290 million for a 26% stake in Reliance Capital's asset management unit. The Japanese company also owns 26% in Reliance's life insurance business, acquired last year for USD 680 million. A Reliance Capital spokesman declined to comment. Officials at Intact and HDI-Gerling could not be reached outside regular business hours.
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