Japan's largest life-insurer, Nippon Life is eyeing 26 per cent stake in Anil Ambani-owned Reliance Life Insurance Co for $724 million, according to media reports.

Click NEXT to read on

However, both the companies have been tight-lipped about the deal. This deal is likely to be one of the biggest overseas investments by a Japanese insurer in Asia.

Reliance Capital has been in talks with investors for its life insurance venture.

Click NEXT to read on

The deal pegs Reliance Life Insurance's value at $2.8 billion. The company has $3.76 billion assets under management.

Nippon Life Insurance, also known as Nissay has about 12 million policyholders in Japan.