Reliance Capital, the Anil Ambani-led financial company, has sold a 2.8 per cent stake to Japan’s Sumitomo Mitsui Trust Bank for Rs 371 crore .
Reliance Capital, which already lends through its non-banking financial company, and runs an asset management firm said that it intended to open a bank with support of the Japanese financial giant.
“We believe Sumitomo Mitsui Trust will play crucial role in the shaping the future of our company as we tap new opportunities and expand our existing businesses,” Ambani said in a statement.
Reliance Capital intends to establish a new bank in India with the support of Sumitomo Mitsui Trust Bank as a strategic partner as and when RBI’s policies allow this, said the statement.
