The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.