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On Tuesday, Reliance Capital said that Nippon Life Insurance (NLI) has increased its stake in life insurance business of the company to 49 percent through investing Rs 2,265 crore.
It said in its filing that “NLI, one of the largest life insurers in the world, has signed definitive agreements to increase its stake in Reliance Life Insurance (RLIC), a part of Reliance Capital, from existing 26 percent to 49 percent”.
It added further that the Japanese company is going to invest Rs 2,265 crore for the acquisition of an additional 23 percent stake in Reliance Life Insurance and this transaction pegs Reliance Life Insurance’s valuation at around Rs 10,000 crore (USD 1.5 billion).
Anil Dhirubhai Ambani, Chairman, Reliance Group said that “We are delighted that outstanding relationship between two companies has now grown into an equal partnership, with NLI increasing their stake – first, in our asset management business, and now, in our Life Insurance business – to 49 percent”.
