CCI approves Nippon Life stake hike in Reliance Life to 49%

Nippon Life had announced its plan to hike the stake to 49% at an investment of Rs 2,265 crore

The Competition Commission of India (CCI) has approved Nippon Life's stake increase in Reliance Life Insurance to 49%. 

Nippon Life had announced its plan to hike its stake from 26% to 49% in November 2015, subject to regulatory approvals.

The company had planned to invest Rs 2,265 crore for additional 23%. The transaction valued Reliance Life at almost Rs 10,000 crore.