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Reliance Cap receives IRDA nod for 26% stake sale in insurance business

The Insurance Regulatory and Development Authority (IRDA) has given an in-principal approval to the proposed plan of Reliance Capital to sell 26% stake in its insurance business to Japan's Nippon Life Insurance.

However, the IRDA will grant the final approval for the proposed sale upon receipt of the Reserve Bank of India’s (RBI) clearance.

Earlier this year, Nippon Life Insurance has signed a definitive agreement with Reliance Capital for acquiring the stake for INR30.62bn.

The deal will increase the value of Reliance Life to INR115bn, and is expected to be completed in the next few weeks, according to media reports.