Hero FinCorp to buy Anil Ambani’s Reliance General Insurance business for Rs 5,500 to 6,000 crore

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India’s leading retail and commercial lending firm Hero FinCorp is in an advanced talk of buying Reliance General Insurance (RGI) a company owned Reliance Capitaland has valued the company at Rs 5,500 to Rs 6,000 crore.

Quoting to the people familiar with this deal, the ET on Thursday reported “The deal is a part of the Reliance Capital’s continues effort to decrease the debt of Rs 18,000 crore and by selling its general insurance and mutual fund business the company is expecting to cut down the company’s debt by Rs 9,000 crore.”

Earlier the Reliance Capital was initially looking to sell 49% stake of its business, but it has now focused on the total sale and its is interesting to know whether Anil Amabani will hold small percentage of stake in the business or not.