Reliance Life Insurance has received in-principle approval from insurance sector regulator IRDA for its proposed 26 percent stake sale in Reliance Life Insurance to Japan’s Nippon Life.
The company has received in-principle approval from the Insurance Regulatory Development Authority (IRDA) and final approval for the proposed sale would be granted upon receipt of RBI consent, Reliance Capital said in a statement.
Earlier this year, Nippon Life had signed a definitive agreement for acquiring a 26 per cent stake in Reliance Life Insurance for Rs 3,062 crore. This transaction pegs the total valuation of Reliance Life Insurance at around Rs 11,500 crore.
Nippon Life is a 122-year-old Global Fortune 100 company and the seventh largest life insurer in the world. It is a leading private life insurer in Asia and Japan.