The competition Commission of India has given its approval to Nippon Life, the Japanese insurer for additional 23 percent stake purchase plan in Reliance Life Insurance in a deal worth Rs 2,265 crore.

After completion of the deal, Nippon Life Insurance would have 49 percent stake in the company, which is the maximum ownership allowed for a foreign player in a domestic private insurer.

Nippon has been informed by the Competition Commission of India (CCI) about the approval.

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