Reliance Capital (RCL) plans to separate out its retail Health Insurance business, from its General Insurance business, into a standalone, wholly owned subsidiary. The board of directors of Reliance General Insurance Company (RGIL), a subsidiary of RCL, has approved this proposal, subject to necessary IRDA and other approvals.
Reliance Health Insurance, the proposed new company for Health Insurance business, will be a wholly owned subsidiary of Reliance Capital. The proposal will enhance management focus on Health insurance and provide flexibility to the company to unlock value by bringing in global leaders in this space as strategic and equity partners.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth.