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Nippon Life completes acquisition of additional stake in Reliance Life
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RelianceCapital Ltd. said March 30 that Nippon Life Insurance Co. completed its of an additional 23%stake in Reliance Life InsuranceCo. Ltd.
Nippon Life Insurance now holds a 49% stake in Reliance LifeInsurance. In line with the new shareholding, Reliance Life Insurance will berenamed as Reliance Nippon Life Insurance Co.
The entire transaction amounted to 22.65 billion Indian rupees.
As of March 29, US$1was equivalent to 66.44 Indian rupees.