Nippon agrees $2.6 billion valuation for Reliance Life

Nippon Life Insurance buys a 26% stake in Anil Ambani's life insurance company, paying $680 million to become a strategic investor in India's last independent life insurer.

Nippon Life Insurance has agreed to pay $680 million to buy a 26% strategic stake in Anil Ambani’s Reliance Life Insurance. The two companies announced the deal on Monday, in the aftermath of a devastating earthquake and tsunami in Japan.

The ensuing nuclear emergency continues to subdue Asia’s financial markets. No wonder, then, that Ambani, chairman of Reliance Capital, was fairly muted in his statement. “At this time, our thoughts are with the people of Japan, bravely facing an unprecedented natural catastrophe,” he said. “We pray for strength to the country, its people and our new partners in the entire Nippon Life family, to overcome the trauma of the...

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