Reliance Capital has obtained in-principle authorization from insurance regulatory body-IRDA for its planned stake sale in Reliance Life Insurance. Reliance Life Insurance is one of India’s largest private Life Insuring Company.Reliance Capital had signed a definitive agreement with Japan’s Nippon Life to sell 26% stake in Reliance Life in the early part of this year, subject to IRDA authorization. IRDA would grant final approval on receipt of RBI approval.
According to the agreement, Nippon Life will invest a total of Rs. 3,062 crore to get hold of a 26 percent strategic stake in Reliance Life. Nippon Life insurance is the seventh largest life insuring company in the world and the number one private life insurer in Japan and Asia.
Reliance Life Insurance is a subsidiary of Reliance Capital. It started its operations in year 2005 and today is one of the biggest insuring companies in India.
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