Swiss Re buys into Reliance

The Mint newspaper has reported that Reliance Life Insurance, part of the Anil Dhirubhai Ambani Group controlled Reliance Capital, may sell a 26% stake to Swiss Re for at least 7bn rupees ($154.9 million), Reuters reports.

Reliance is the only private sector insurer in India that does not have an overseas stakeholder. Indian laws allow a foreign entity to own up to 26% in a domestic insurance firm.