Mumbai, Mar 30 (IANS): Reliance Capital, a part of Anil Ambani-led Group, on Wednesday said the sale of an additional stake of 23 percent in its life insurance company to to Japan's Nippon Life has concluded with the receipt of the entire proceeds of Rs.2,265 crore ($348 million).

"The transaction pegs the valuation of Reliance Life Insurance at approximately Rs.10,000 crore ($1.5 billion), amongst the highest in the industry till date. Nippon Life Insurance now holds 49 per cent stake in Reliance Life Insurance," the company said in a statement.

The company will now be renamed Reliance Nippon Life Insurance.

"We have immensely benefited from our relationship with Nippon Life over the last five years and look forward to further consolidate this partnership in India and abroad with their experience," said Sam Ghosh, executive director and group chief executive of Reliance Capital.

Nippon Life Insurance is investing a total of Rs.8,630 crore ($1.5 billion) for acquiring a 49-percent stake each in Reliance Life Insurance and Reliance Capital Asset Management.

Nippon Life Insurance is an over 125 years old insurer and a Fortune Global 500 company that manages over $520 billion in assets -- amongst the largest total assets in the world for any similar company.