<p>The company had signed a definitive agreement to sell a 26 per cent stake in Reliance Life Insurance to Nippon Life Insurance for Rs 3,062 crore earlier this year. The deal was subject to regulatory approvals.<br /><br />The Insurance Regulatory Development Authority (IRDA) has already granted in-principle approval for the proposed stake sale. Following RBI clearance for the deal, IRDA will now grant final approval for completion of the transaction, Reliance Capital said in a filing to the Bombay Stock Exchange.<br /><br />Commenting on the development, Reliance Capital CEO Sam Ghosh said, "We are delighted to receive the RBI approval, bringing us closer to concluding this transaction very shortly."<br />"This is great news as we move closer to completing the transaction," Nippon Life Insurance President Yoshinobu Tsutsui said.<br /><br />This transaction pegs the total valuation of Reliance Life Insurance at around Rs 11,500 crore.<br /><br />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.<br />R-Cap figures among the country's top-four private sector financial services and banking groups in terms of net worth.</p>
<p>The company had signed a definitive agreement to sell a 26 per cent stake in Reliance Life Insurance to Nippon Life Insurance for Rs 3,062 crore earlier this year. The deal was subject to regulatory approvals.<br /><br />The Insurance Regulatory Development Authority (IRDA) has already granted in-principle approval for the proposed stake sale. Following RBI clearance for the deal, IRDA will now grant final approval for completion of the transaction, Reliance Capital said in a filing to the Bombay Stock Exchange.<br /><br />Commenting on the development, Reliance Capital CEO Sam Ghosh said, "We are delighted to receive the RBI approval, bringing us closer to concluding this transaction very shortly."<br />"This is great news as we move closer to completing the transaction," Nippon Life Insurance President Yoshinobu Tsutsui said.<br /><br />This transaction pegs the total valuation of Reliance Life Insurance at around Rs 11,500 crore.<br /><br />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.<br />R-Cap figures among the country's top-four private sector financial services and banking groups in terms of net worth.</p>