RHI got the nod from the Insurance Regulatory and Development Authority of India in October last year and started operations in December. It had tied up with almost 3,500 hospitals before starting operations.
Health insurance is one of the fastest-growing insurance sectors in the country, clocking 20 per cent growth annually. It is expected to double to over Rs 1 trillion by 2021.
A Reliance Capital
spokesperson declined to comment. Emails sent to the Ajay Piramal group and PremjiInvest did not elicit any response. A TVS Capital spokesperson said: “We don’t comment on transactions. We are not looking at such an acquisition.”
Sources said while investment bankers have approached the companies, a final response was awaited.
Other assets Reliance Capital
is working on monetising or has already done so are Reliance Nippon Life Asset Management, Reliance General Insurance, and Reliance Home Finance. The company has already exited its mutual fund business, selling it to Nippon. The entire proceeds of Rs 6,000 crore will be used to reduce debt.
The company has a loan book of over Rs 11,000 crore.
Talks are on with AION Capital, Varde Capital, and Cerberus to sell off Reliance Home Finance said sources. It has also finalised a deal with the Jagran group to sell Big FM for Rs 1,200 crore.
In a statement on June 17, Reliance Capital
had said, “(We) expect to reduce debt by at least Rs 12,000 crore, or 70 per cent, in the current financial year.”
In June, Reliance Group Chairman Anil Ambani had declared that the group has paid back more than Rs 35,000 crore of loans in the past 14 months and all future payment obligations will be met in a timely manner through further asset monetisation
The group has also sold its Mumbai power distribution system to the Adanis and the Delhi-Agra toll highway to Cube for Rs 3,600 crore. It is currently looking at monetising its office space in Santa Cruz (East) in Mumbai.