Nippon Life to invest $724 mn in Reliance Life

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 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.

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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.