Regulator’s nod for Reliance Capital’s 26 percent stake sale to Nippon
September 14th, 2011 - 2:09 pm ICT by IANSMumbai, Sep 14 (IANS) Reliance Capital, part of the Anil Ambani-led Reliance Group, Wednesday said it had received approval from the insurance regulator to sell a 26 percent stake in its life insurance arm to Japan’s Nippon Life Insurance.
Nippon Life Insurance will acquire the stake at an aggregate value of Rs.3,062 crore ($680 million).
“We have received in-principle approvals from Insurance Regulatory Development Authority (IRDA) for proposed stake sale in Reliance Life Insurance,” said a statement from the Indian financial services major.
“IRDA would be granting final approval for the proposed sale on receipt of Reserve Bank of India approval,” it added.
The transaction pegs the value of Reliance Life Insurance at about Rs.11,500 crore ($2.6 billion).
Reliance Capital and Nippon had recently also signed an agreement to pursue further partnerships to provide a host of financial services in India.
Nippon Life will be evaluating opportunities - including strategic partnership - across all Reliance Capital promoted financial businesses including asset management.
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- Reliance Life concludes 26 percent stake sale to Nippon for $680mn - Oct 09, 2011
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- Reliance Life gets Nippon on board for $680 million - Mar 14, 2011
- Reliance Life gets central bank nod for stake sale to Nippon - Sep 30, 2011
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- Nippon Life to buy into Reliance Group arm - Jan 19, 2012
- Reliance Life exploring strategic equity partner among banks - Jul 20, 2011
- Reliance Life looks to next big steps in ties with Nippon - Oct 09, 2011
- Reliance Mutual looking for foreign partners to go global - Oct 02, 2011
- Draft norms for merger of non-life insurers announced - Feb 10, 2011
- Reliance Life eyes full-year profits, Rs.8,500 crore in premia - Jul 20, 2011
- Naming of RIL's insurance venture will be interesting - Jun 11, 2011
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