RBI Approval – RLIC sells 26% stake to NIPPON Life Insurance of JAPAN

Mumbai: The Anil Dhirubhai Ambani Group’s (ADAG) financial services arm Reliance Capital today said it has received approval from the Reserve Bank of India (RBI) for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan’s Nippon Life.

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.

The Insurance Regulatory Development Authority (IRDA) has already granted in-principle approval for the proposed stake sale.

Govt. says- New LIC Chairman in Next 10 days

Mumbai: Ending months of indecision, the government is set to appoint a full-time chairman for life insurance giant LIC in the next ten days, a top Finance Ministry official has said.

“I say it will be very shortly, that could be a week or ten days,” Financial Services Secretary DK Mittal told a select group of reporters here over the weekend. Mittal blamed the delay on the long process to be followed while selecting such a candidate.