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The final approval for the proposed sale would be granted upon receipt of the Reserve Bank of India's (RBI) consent. This transaction pegs the total valuation of Reliance Life Insurance at around Rs11,500 crore
New Delhi: The Anil Ambani Group's financial services arm Reliance Capital today said it has received an in-principle approval from insurance sector regulator Insurance Regulatory Development Authority (IRDA) for its proposed 26% stake sale in Reliance Life Insurance to Japan's Nippon Life, reports PTI.
The final approval for the proposed sale would be granted upon receipt of the Reserve Bank of India's (RBI) consent, Reliance Capital said in a statement.
"We are delighted to receive the IRDA approval and expect to conclude this transaction within the next few weeks," Reliance Capital CEO Sam Ghosh said.
Commenting on the development, Nippon Life Insurance president Yoshinobu Tsutsui said, "This is great news for both of us. We hope we will be able to close the transaction in the near future."
Earlier this year, Nippon Life had signed a definitive agreement for acquiring a 26% stake in Reliance Life Insurance for Rs3,062 crore.
This transaction pegs the total valuation of Reliance Life Insurance at around Rs11,500 crore.
Nippon Life is a 122-year-old Global Fortune 100 company and the seventh largest life insurer in the world. It is a leading private life insurer in Asia and Japan.
Reliance Capital figures among the country's top-four private sector financial services and banking groups in terms of net worth.
Reliance Capital was trading at Rs407.10, up 1.23% on the Bombay Stock Exchange in late-morning trade.