IRDA approves selling for 26% of shares in Reliance Life Insurance to Japan’s Nippon Life
Today, the Anil Ambani Group’s financial services arm Reliance Capital told that it has approved in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its 26% stake sale in Reliance Life Insurance to Japan’s Nippon Life. In a statement, Reliance Capital stated that The Company has accepted in-principle approval from Insurance Regulatory Development Authority (IRDA) and final approval for the proposed sale would be given upon receipt of RBI consent.
Sam Ghosh as Reliance Capital CEO said that we were happy for receiving the IRDA approval and expecting to conclude this transaction within the next few weeks. Yoshinobu Tsutsui as President of Nippon Life Insurance commented that this was good news for both of us because we wished we would be able to close the transaction in the near future.
Earlier this year, a definitive agreement had been signed by Nippon Life to get a 26% stake in Reliance Life Insurance for Rs 3,062 crore. This transaction pegged the total valuation of Reliance Life Insurance at around Rs 11,500 crore. A 122-year-old Global Fortune 100 company and the seventh largest life insurer in the world is Nippon Life. It is a famous life insurer in Asia and Japan. R-Cap figures are the country’s top-four private sector financial services and banking groups in terms of net worth.