Rel Cap seeks nod to list insurance arm

Reliance ADAG-owned Reliance Capital has approached the government to allow the company to publicly list its life insurance subsidiary, Reliance Life insurance.

Reliance ADAG-owned Reliance Capital has approached the government to allow the company to publicly list its life insurance subsidiary, Reliance Life insurance.

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Speaking on the sidelines of the Assocham Insurance Conference, J Hari Narayan, Chairman, IRDA said the Insurance Act mandates that an insurance firm can list only after 10 years of operations but the government can relax the conditions.

“We have information that Reliance Life has sought the government’s permission for an IPO (initial public offer),” added Narayan.

Chairman Anil Ambani had told Reliance Capital’s shareholders this week that the company was looking at various options for the life insurance company such as IPO or selling stakes to strategic investors.