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