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Reliance General Insurance eyes IPO in fiscal 2017-2018

India's Reliance General Insurance Co. Ltd. plans to list by the end of fiscal 2017-2018.

The company's board has approved a proposal to independently list the insurer on the country's stock exchanges, according to a June 12 release. The listing, which is expected to unlock value for all its shareholders, is subject to necessary shareholder, regulatory and other approvals.

The company, a wholly owned unit of Reliance Capital Ltd., is looking to divest an initial 10% stake through the IPO, with plans to list up to 25% in the next three years and seek a strategic partner, Business Standard reported separately the same day.

The publication said the company could be valued at 60 billion rupees.

The move comes after another Reliance Capital unit, Reliance Nippon Life Asset Management Ltd., said it plans to launch an IPO within the current fiscal year.

As of June 12, US$1 was equivalent to 64.48 Indian rupees.