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Hero FinCorp to buy Reliance General Insurance, says report

May 30, 2019 12:38 IST

Hero FinCorp, the consumer lending unit for Hero MotoCorp is reportedly in the final stages of talks with Reliance Capital to buy its private insurance arm, Reliance General Insurance. The Economic Times reported that the deal, if accepted, is valued at ₹6,000 crore and could be part of a plan for Anil Ambani to reduce debt by ₹18,000 crore. Anil Ambani last week decided to exit the mutual fund business by selling stake in RNAM to Nippon Life. The newspaper added that the sale from general insurance and mutual fund business will bring down debt by ₹9,000 crore.