Japan’s Nippon Life Insurance has formed a joint venture partnership with IndusInd International after the Indian financial conglomerate bought a 51% stake of Nippon Life’s India joint venture from its local partners.
IndusInd International bought a 26% stake in Reliance Nippon Life from Aasia Enterprises, and a 25% stake from Reliance Capital.
The move is part of IndusInd International’s acquisition of Reliance Capital for 96 billion rupees (US$1.11 billion). The deal was completed on March 18.
According to Nippon Life, the company has been fostering a cooperative partnership with IndusInd International through ongoing discussions regarding their new joint venture.
“Through a strategic collaboration with our new partner, we aim to further accelerate the growth of Reliance Nippon Life while enhancing value and benefits for our policyholders,” Nippon Life says in a statement on March 21.
Osaka-based Nippon Life has around 88 trillion yen ($587.5 billion) of total assets.
