India-Japan cross-border insurance deal
Reliance Capital-owned Reliance Life Insurance is to sell a 26% stake to Japan’s largest life insurer, Nippon Life Insurance, for $680 million. The deal has been touted as the largest foreign direct investment in India’s insurance space, and values Reliance Life Insurance, a division of the Anil Ambani Group, at $2.6 billion. The FT added that Nippon would consider upping its stake in Reliance Life if government regulators allowed foreign investors to own more than just 26% of domestic companies.
As part of the deal, Nippon is slated to bestow its 120 years of insurance business knowledge upon Reliance's operations, while Reliance in turn will give Nippon a presence in India's burgeoning insurance...
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