India's Reliance Cap to spin off home finance-paper

MUMBAI, Aug 27 (Reuters) - India's Reliance Capital Ltd (RLCP.BO) has decided to spin off its home loans business into a new company and has sought the mortgage market regulator's approval, the Mint newspaper said on Wednesday.

"We have decided to float a separate company for home finance," the paper quoted the firm's chief executive Sam Ghosh as saying.

Reliance Capital also runs India's largest asset management firm, a stock brokerage and insurance businesses. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)