Deals
Anil Ambani Ends Talks With Hero FinCorp on Insurer Sale
- Hero Fincorp called off the deal as it struggled to fund it
- Sale of the insurer crucial for Ambani to pare group’s debt
Anil Ambani/Bloomber
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Reliance Capital Ltd. has called off a sale of its general insurance unit to Hero Fincorp, forcing embattled Indian tycoon Anil Ambani to look for options as he seeks to reduce debt, people familiar with the matter said.
The talks for selling Reliance General Insurance Ltd., which were at an advanced stage, ended after the shadow financier struggled to raise funds for the acquisition, said the people, asking not to be named as the information is not public. Ambani’s group is looking for alternatives for the insurance asset including reaching out to other potential buyers, the people said.