RelCap in talks to sell majority stake in unit Reliance Home Finance, says report

Reliance Capital may sell a majority stake in its subsidiary Reliance Home Finance Ltd that may also include divesting ownership control, Mint reported.

Reliance Capital is in talks with investment firms Varde Partners Inc., AION Capital and Cerberus Capital Management and NBFC Altico Capital India for the stake sale, the report said citing three people familiar with the matter.

“The company is in an advanced stage of discussions with two of these firms. It is keen to close the deal as soon as possible. The plan is to sell a stake in the company and then by 2020, wind down the wholesale lending business, and eventually, it is the retail housing finance business that will stay on," one of the sources told the daily on the condition of anonymity, adding that Reliance Capital will remain a minority shareholder.