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Report: 3 foreign firms eye Reliance Home Finance stake

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Report: 3 foreign firms eye Reliance Home Finance stake

Three foreign entities have shown interest in acquiring a 25% stake in Reliance Home Finance Ltd. for 15 billion Indian rupees to 20 billion rupees, Press Trust of India reported Sept. 10, citing unnamed sources.

Abu Dhabi Investment Authority, Canada's Public Sector Pension Investment Board and Singaporean sovereign wealth fund GIC Pvt. Ltd. are looking to snap up a stake in Reliance Home Finance, as parent Reliance Capital Ltd. plans to sell 24.99% of the housing finance company, the sources said.

Proceeds from the investment will be used for the company's expansion, according to the report.

The development follows an announcement by Reliance Home Finance that it entered into exclusive talks with an overseas institutional investor over a potential investment into the company. The talks are subject to confirmatory due diligence, definitive documentation and necessary approvals.

A spokesperson for Reliance Capital declined to comment when contacted by the news outlet.

As of Sept. 10, US$1 was equivalent to 72.54 Indian rupees.