Tuesday, 30 June 2015
Last updated 1 hour ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…