Khaitan & Co has advised Nippon Life Insurance Company (NLI) in relation to acquisition of an additional 23 per cent stake in Reliance Life Insurance Company Ltd (RLIC) from Reliance Capital Ltd (RCAP) for $341m taking its aggregate stake in RLIC to 49 per cent (and its aggregate investment in RLIC to INR 5,327 crore ($819m).

Nippon Life Insurance Company (“NLI”) is a 125 year Global Fortune 100 company, is the biggest private life insurer in Asia and Japan and seventh-largest life insurer in the world.

NLI manages nearly $500bn in assets, among the largest total assets in the world for any life insurer. Niren Patel, partner, represented the client on the transaction.