Reliance Nippon Life Insurance, a joint venture between Anil Ambani’s Reliance Capital and Nippon Life, is in talks with IndusInd Bank to form a bancassurance partnership.

Reliance Capital, a subsidiary of Anil Ambani’s Reliance Group, is in talks with IndusInd Bank to acquire a significant stake in the bank’s bancassurance business. Bancassurance is a partnership between a bank and an insurance company, where the bank sells insurance products to its customers. The deal is expected to value IndusInd Bank’s bancassurance business at around ₹1,000 crore (approximately $137 million). Reliance Capital’s insurance arm, Reliance Nippon Life Insurance, is already a major player in the Indian insurance market and is looking to expand its presence through strategic partnerships. The acquisition would give Reliance Capital a significant foothold in the bancassurance segment, allowing it to tap into IndusInd Bank’s large customer base. The deal is expected to be completed by the end of 2023, subject to regulatory approvals.