Nippon gets CCI nod for hiking stake in Reliance Life to 49%
Once the deal is complete, Nippon Life Insurance would have 49 per cent stake in the company, the maximum ownership allowed for a foreign player in a domestic private insurer.
Competition Commission of India (CCI) has informed Nippon that it has approved the proposed.
With the new shareholding structure, the name of the company would be changed to Reliance Nippon Life Insurance Company Ltd.
Nippon Life would increase the stake in Reliance Life to 49 per cent for Rs 2,265 crore. With this, the company’s total investment would be Rs 8,630 crore for 49 per cent stake each in life insurance and asset management business.