Reliance Capital Chairman Anil Ambani, on Monday, said the company will no longer be in the lending business and that its subsidiaries, Reliance General Insurance and Reliance Nippon Life Insurance, will be the creators of long-term shareholder value.

While Reliance General Insurance has a valuation of about ₹8,000 crore, Reliance Capital’s 51 per cent stake in the life insurance firm has a valuation of about ₹7,000 crore.

Elaborating on the transformation and future plans for the troubled company, Ambani said at the AGM that he expects the resolution plans for Reliance Home Finance and Reliance Commercial Finance to be completed by December.

“This will bring lower the Reliance Capital Group debt by about ₹25,000 crore,” he said, adding that Reliance Capital will only be a financial shareholder in both these companies to reconverge shareholder value under a new management and shareholding structure.

Ambani said the company has suffered collateral damage over the last six months due to a combination of factors, including the crisis in the financial services sector, “irrational action” by auditors and rating agencies, and the economic slowdown.

“These events aided and abated by reckless selling and rumour-mongering by vested parties to affect the general public psychology,” he said. Ambani said the group has repaid over ₹35,000 crore in the past 14 months till May 2019, and will repay another ₹15,000 crore by March 2020.

In all, by monetising of assets and cash flow, the group will have repaid ₹50,000 crore. Ambani termed it as the largest repayment by any single corporate loan despite zero funding by any bank or NBFC.

Earlier in the day, Reliance Capital said it has made interest and principal repayments of ₹72.65 crore on September 27 and September 30 on a range of instruments, including non-convertible debentures, term loans and inter-corporate deposits.

“The company is current on all its repayment obligations,” a spokesperson said.