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Anil Ambani—promoted Reliance Life Insurance is understood to be in talks with Japan’s largest insurer Nippon Life Insurance to sell 26 per cent stake of the company for an estimated $ 720 million.
According to sources, the talks are in advanced stage.
However, when contacted, Reliance Life officials declined to comment.
As per the current rules, a foreign entity can hold up to 26 per cent stake in an Indian insurance firm. Reliance Capital wholly owns Reliance Life, a business it acquired from AMP Sanmar in 2005.
The life insurance business of the company has grown rapidly over the last four years and it has emerged among the top four private life insurance players in the country.
India, which first opened the insurance sector for private players in 2000, now has 22 life insurers including the state run and the country’s largest insurer LIC.
Last year, there were reports that Reliance Life Insurance was in talks with global insurance players, including Swiss Re, to sell 10 to 15 per cent stake.
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