 "Reliance Capital completes 23% stake sale in life insurance venture")
Reliance Capital, part of Anil Ambani-led Reliance Group, on Wednesday announced the completion of an additional 23 per cent stake sale in Reliance Life Insurance (RLI) to Nippon Life Insurance (NLI) for Rs 2,265 crore.
The transaction pegs the valuation of RLI at Rs 10,000 crore.
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NLI now holds 49 per cent stake in RLI. Following the stake sale, RLI will be renamed Reliance Nippon Life Insurance Company.
“We have immensely benefitted from our relationship with Nippon Life over five years and look forward to further consolidate the partnership in India and abroad with their experience,” said Sam Ghosh, executive director and group chief executive officer, Reliance Capital.
RLI is amongst the leading private sector life insurance companies in India, in terms of new business premium. The company recorded a new business premium of Rs 285 crore for the quarter ended December 31, 2015.