Reliance Life gets central bank nod for stake sale to Nippon
September 30th, 2011 - 2:04 pm ICT by IANSMumbai, Sep 30 (IANS) Reliance Capital Friday said it hoped to conclude shortly a stake sale in its life insurance arm to Japan’s Nippon Life for $680 million following a nod from the central bank, valuing the enterprise at $2.6 billion.
“The transaction is expected to close shortly,” the company said in a regulatory filing with the Bombay Stock Exchange, which was secured less than a month after a similar nod from the Insurance Development and Regulatory Authority of India.
“Nippon’s valuable experience of over 122 years will now help strengthen Reliance Life Insurance’s position as a leading and world-class insurance company in India,” said Sam Ghosh, chief executive of Reliance Capital.
Earlier this month, Reliance Capital, part of the Anil Ambani-led Reliance Group, had also signed a pact with Nippon Life Insurance to pursue partnerships beyond the insurance space to provide a host of financial services in India.
Nippon Life, company officials said, was now evaluating opportunities - including strategic partnership - across all Reliance Capital-promoted financial businesses including asset management.
Reliance Capital Asset Management is the largest asset management company in India and manages over Rs.104,136 crore ($23 billion) across mutual funds, pension funds, managed accounts and hedge funds and has over 7 million investors.
Reliance Capital is among the top four private financial services firm with interests in areas such as mutual funds, insurance, commercial finance, broking, investment banking, private equity, wealth management and financial products distribution.
- 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
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Nippon's pact for 26-percent stake in Reliance asset firm - Mar 22, 2012
- Regulator's nod for Reliance Capital's 26 percent stake sale to Nippon - Sep 14, 2011
- Nippon Life to buy into Reliance Group arm - Jan 19, 2012
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- Reliance Life looks to next big steps in ties with Nippon - Oct 09, 2011
- Reliance Life exploring strategic equity partner among banks - Jul 20, 2011
- Reliance Mutual looking for foreign partners to go global - Oct 02, 2011
- Reliance Life gets Nippon on board for $680 million - Mar 14, 2011
- Rakesh Jain to head Reliance General Insurance - Oct 21, 2011
- Reliance Capital net profit dips 28 percent - Nov 13, 2010
- Reliance Capital consolidated net profit rises 9 percent - May 30, 2011
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