Reliance Capital to sell non-core assets

Tags: News
Reliance Capital today said it has begun the process of unlocking value from investments in non-core sectors to focus on its key financial services businesses.

The company, which announced the merger of its global film and media business held through Reliance MediaWorks with Prime Focus, said discussions are under way for more such deals outside the financial services segment.

The proposed transaction reflects a significant step forward in the company's strategy of unlocking value from its investments in sectors other than financial services, Reliance Capital Chief Executive Officer Sam Ghosh said in a statement.

The film and media services business of Reliance MediaWorks has been combined with Prime Focus, in which it will also get a 30.2 per cent stake. Reliance Capital used to hold an almost 15 per cent stake in Prime Focus, which was offloaded in 2006.

Ghosh said the strategy would free up management bandwidth and resources in Reliance Capital, enabling the company to singularly focus on its core businesses of asset management, life and non-life insurance, broking and distribution, commercial finance and related sectors in financial services.

"Similar discussions are under way in relation to unlocking of value from other investments made by Reliance Capital in areas outside financial services," he noted.

Meanwhile, in a separate regulatory filing, Reliance Capital said it has been engaged in discussions with Sumitomo Mitsui for over a year in relation to various initiatives such as banking.

"These discussions are only indicative, exploratory and non-binding in nature," it said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Kerala, god’s own country, will always be free spirited

    Candy is dandy, but liquor is quicker,” the celebrated American poet Ogden Nash had once said famously.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>:The over-the-top effect effect

The overconfidence effect is a bias in which someone’s subjective ...

Parvez Imam

The absoluteness in representations

When a representation replaces the original object or subject, a ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture