Reliance Capital, part of Anil Ambani-led Reliance Group, today announced completion of additional 23% stake sale in Reliance Life Insurance to Nippon Life Insurance.
The value of the entire transaction stands at Rs 2,265 crore. The transaction pegs the valuation of Reliance Life Insurance at approximately Rs 10,000 crore.
Nippon Life Insurance now holds 49% stake in Reliance Life Insurance. In line with the new share-holding, Reliance Life Insurance will be renamed as Reliance Nippon Life Insurance Company.