JAPAN'S NIPPON LIFE, which has a 49% stake in Reliance Nippon Life Insurance Company (RNLIC), has initiated discussions with Birla Sun Life Insurance for a possible merger.
The talks were initiated after RCap's administrator invited bids for the 51% stake in RNLIC. Nippon Life has categorically mentioned that it had no plans to sell its 49% stake in RNLIC.
Amerger with Birla Sun Life Insurance, an Aditya Birla group company, would enable the joint firm to bid for debt-laden Reliance Capital's (RCap) 51% stake being held in RNLIC. Nippon Life is looking at a possible merger with Birla Sun Life Insurance after Birla group acquires a majority stake in the former Anil Ambani group company, sources close to the development said.
A Birla Group spokesperson did not respond to queries on Monday.
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