Nippon Life Insurance Company Re22.6 billion acquisition of 23% stake in Reliance Life Insurance

Overview:

• Nippon Life Insurance Company has acquired a 23% stake in Reliance Life Insurance for Re22.6 billion from Reliance Capital.
• Reliance Life Insurance is one of India's largest life insurers and is part of the Reliance Group's financial services division Reliance Capital.
• Nippon now has a 49% stake in the company.
• Following the deal the company will be renamed Reliance Nippon Life Insurance Company.

Sam Duke - Editor