FDI cap hike in insurance may offer more fund-raising avenues to the sector
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Last Updated: Feb 02, 2021, 08:36 AM IST
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Industry CEOs and experts claim that the move will provide a fillip to an industry that needs more finances to insure more people in the world’s second-most populous nation and raise funds for long-gestation projects such as ports, road assets and aviation hubs.
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The FDI cap on insurance companies was first raised from 26 per cent to 49 per cent in March 2016.
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Five years after India increased the ceiling on overseas ownership in the insurance sector, finance minister Nirmala Sitharaman on Monday heralded bold reforms in a sector considered crucial for underpinning infrastructure financing.
Reliance Capital (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids have come in for Reliance Capital s assets, taking the total number of bids to 70, the sources said. State Bank of India s subsidiary SBI Life has also shown interest in picking up Reliance Capital’s stake in Reliance Nippon Life Insurance, they added. Reliance Nippon Life Insurance Company, a joint venture with Japan s largest life insurer-Nippon Life which holds 49 per cent shareholding, has a paid-up capital of Rs 1,196 crore as of September 30, 2020.
SBI Life bids for Reliance Cap assets Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest to December 17
Reliance Capital Ltd (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said.
Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17.
Following this, 10 new bids have come in for Reliance Capital’s assets, taking the total number of bids to 70, the sources said.
State Bank of India’s subsidiary SBI Life has also shown interest in picking up Reliance Capital’s stake in Reliance Nippon Life Insurance, they added.
Edison, NJ (SBWIRE) 12/11/2020 A new business intelligence report released by HTF MI with title Life Insurance Market in India 2019 is designed covering micro level of analysis by manufacturers and key business segments. The Life Insurance Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Life Insurance Corporation of India, HDFC Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited, SBI Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Max Life Insurance Company Limited, PNB Metlife India Insurance Company Limited, Reliance Nippon Life Insurance Company Limited, Tata AIA Life Insurance Company Limited.