Nippon Life to invest $724 mn in Reliance Life | india | Hindustan Times
Today in New Delhi, India
Dec 05, 2016-Monday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Nippon Life to invest $724 mn in Reliance Life

india Updated: Mar 11, 2011 22:25 IST

Reuters
Highlight Story

Nippon Life Insurance Co plans to buy a 26% stake in Anil Ambani group company Reliance Life for about 60 billion yen ($724 million), a source with knowledge of the matter said, in the latest move by a Japanese insurer to expand overseas.

Nippon Life, Japan's largest life insurer, is in talks with Reliance Capital , the parent of the Indian insurer, to acquire the 26% stake, the maximum allowed for a foreign company in an Indian insurance joint venture, said the source, who was not authorised to talk to the media about the matter.

Both Nippon Life and Reliance Capital, a financial services firm controlled by billionaire Anil Ambani, declined to comment on the news, which was first reported by Japan's Asahi newspaper.