Reliance Life gets central bank nod for stake sale to NipponSeptember 30th, 2011 - 2:04 pm ICT by IANS
Mumbai, 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
- Reliance Capital gets regulator's nod to sell stakes to Nippon Life - Jun 13, 2012
- Reliance Cap concludes stake sale to Nippon Life for $290 mn - Aug 17, 2012
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- Employees Provident Fund approves Reliance-Nippon stake deal - Aug 07, 2012
- Reliance Capital to consider special dividend: Ambani - Sep 04, 2012
- Reliance Life looks to next big steps in ties with Nippon - Oct 09, 2011
- Reliance Life Insurance in talk with banks for tie-up - Aug 19, 2012
- Reliance Capital to pay special dividend of 50 percent - Sep 10, 2012
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