Mumbai, Sep 30 (IANS): Reliance Capital, a part of the Anil Ambani's group, is in advanced stages of discussions with Nippon Life, for an increase in their stake from 26 percent to 49 percent in Reliance Life, the shareholders were told on Wednesday.

The company also said it was on track to re-launch its commodities exchange platform and expected to grow this business in a significant manner to attain leadership rankings in three years. It also said it will exit from non-core areas like media, expecting to book attractive returns.

Speaking at the annual meeting with the stakeholders, chairman Anil Ambani said talks were also on with the Japanese major to enhance its collaboration with Reliance Capital and raise its stake in its asset management arm from 35 percent to 49 percent -- at a higher valuation.

"These proceeds will flow to Reliance Capital, and will be utilised to further reduce our overall debt levels," the chairman said, adding that both transactions were expected to conclude within the current financial year. Ambani also hoped to cut the company's debt with these moves.

He said Reliance Capital will more than double its housing finance exosure to over Rs. 10,000 crore during this year and rank among the top three players in the private sector again by 2018.