Nippon Life Insurance Co.’s India unit is considering buying a minority stake in IndusInd Bank Ltd., people familiar with the matter said, with the aim of using the lender’s network to expand sales of its insurance products.Reliance Nippon Life Insurance Ltd. could seek as much as 9.9% in the Mumbai-listed bank, according to the people, who asked not to be identified because the deliberations are private.
The insurer may initially buy a 4.9% stake and then potentially increase it over time, the people said.
Considerations are ongoing and might not lead to a transaction, they added. A representative for Nippon Life declined to comment.
IndusInd Bank didn’t respond to requests for comment. IndusInd Bank has a market value of about 730 billion rupees ($8.4 billion).
First Published: Mar 7, 2025 4:08 pm IS
