Reliance General Insurance gets Irdai nod for listing

Anil Ambani-controlled Reliance Capital has got an in-principle approval from the Insurance Regulatory and Development Authority of India (Irdai) to list its non-life Insurance arm, Reliance General Insurance.

Reliance General Insurance on Tuesday said the listing was expected to be completed in FY18 if the necessary approvals could be secured. It expects to raise Rs 1,500-2,000 crore through listing its general insurance business, sources say. Last month, Reliance Capital had filed an application before Irdai for listing its general insurance business through an initial public offering (IPO). It also sought approval to sell up to 25 per cent of its shares