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India's Reliance Capital received $680mn from Nippon life

MUMBAI: India 's Reliance Capital said on Sunday it has received $680 million from Nippon Life after its deal to sell 2
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By Muhammad Iqbal
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reliancesaMUMBAI: India's Reliance Capital said on Sunday it has received $680 million from Nippon Life after its deal to sell 26 percent stake in its insurance business was completed.

In March, Reliance Life Insurance valued at $2.6 billion after the deal agreed to sell a 26 percent stake to Japan's Nippon Life Insurance.

On Sept 30, Reliance Capital got approval from the Reserve Bank of India for the transaction, paving the way for the completion of the deal.

 

Copyright Reuters, 2011

 

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