RCap gains on talks to sell insurer stake

CEO Sam Ghosh did not name the potential partners

Shares in Reliance Capital gain around 1.8% after its CEO says the financial services firm has began talks to sell a 26% stake in its general insurance arm to a strategic foreign partner, in an interview with a newspaper.

A spokesman confirms to Reuters the comments made by the CEO Sam Ghosh in the interview with the newspaper.

Ghosh did not name the potential partners in the interview.

In December Reliance Capital had also said it was in talks with potential partners to sell up to 26% in its general insurance business.