Ambani To Sell Stake In Asset Management Biz

Sep 27 2011 | 1:08pm ET

Indian billionaire Anil Ambani may sell another stake in his Reliance Capital's fund management business.

Ambani, who sold a 5% stake in Reliance Capital Asset Management to hedge fund Eton Park Capital Management four years ago, is now in talks to sell one to Nippon Life Insurance Co. "Definitive news" on a deal is expected soon, Bloomberg News reports.

Ambani is seeking to reduce his empire's debt—which stands at US$15 billion—as he plans a banking foray to compete with his estranged brother's business empire. Proceeds from the Reliance Asset sale would used to pay down debt.

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