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Diversified financial services major Reliance Capital will this fiscal look to offload a part of its holding in its general insurance arm — Reliance General Insurance (RGI).
“We would like it (stake sale) to happen this fiscal”, Sam Ghosh, Chief Executive Officer, Reliance Capital told Business Line when asked about plans for stake sale in RGI. Currently, RGI is wholly-owned by Reliance Capital.
Ghosh indicated that the process for any stake sale in RGI may gather pace only after the general elections gets over this month. Reliance Capital was looking at a stake sale in RGI even in 2013-14, but this transaction did not materialise.
Reliance General Insurance recorded a net profit of ₹ 64 crore in 2013-14, the first full year of profits for the company. In 2012-13, it had reported a loss of ₹93 crore against a loss of ₹342 crore in the previous year. In fiscal 2013-14, RGI sold nearly 37 lakh policies, a year-on-year increase of 27 per cent.
The gross written premium for the year ended March 31, 2014 was ₹ 2,442 crore, a year-on-year increase 20 per cent.
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