Reliance Cap gets foreign interest in life unit

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Reliance Capital has been approached by three foreign insurance companies looking to take a stake in its life insurance business, its chief executive said on Monday.

Reliance Capital is planning to sell up to 26% of its Reliance Life unit, including through an initial public offering, and has said it would sell about 10% to a strategic investor ahead of a listing.

"We would obviously like a life insurance company, someone who hasn't come to India. About three globally have approached us," Sam Ghosh told the Reuters India Investment Summit.

Reliance Life, the country's No. 4 private life underwriter by assets under management, is seeking a waiver from a requirement that an insurance company be in business for 10 years before an IPO.

It aims to be the first Indian life underwriter to list, and Ghosh said he was confident of getting government approval.

"Finance ministry is waiting for approval from the insurance regulator. It is a technical interpretation of the act," he said, adding the finance ministry could waive the 10-year requirement.