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Reliance Capital to exit lending businesses
Reliance Capital to exit lending businesses

Mumbai, Sep 30 (TIWN) As part of its transformation process, Reliance Capital will exit its lending businesses.

This comes as the non-banking financial company faced “collateral damage” due to a slowing economy and a lending crisis in the sector, Ambani said at the company’s annual general meeting. In June, auditors raised several red flags around the company’s fourth-quarter results, including a lack of clarity in related party transactions and accounting methodology.

Reliance Capital currently lends to small and medium enterprises through unit Reliance Money and to home buyers via Reliance home finance. Both these businesses accounted for about 15% of the company’s revenue last financial year. Apart from lending, Reliance Capital has interests in asset management and general insurance businesses. The company has been divesting assets this year. It reduced its stake in asset management arm Reliance Nippon Life Asset Management Ltd to just over 4% from about a quarter.

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