Nippon Life takes stake in Reliance Capital Asset Management

Nippon Life Insurance enters a new alliance with Reliance as it buys a 26% stake in the Indian group's asset management business.
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Anil Ambani, chairman of Reliance Capital (AFP)
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<div style="text-align: left;"> Anil Ambani, chairman of Reliance Capital (AFP) </div>

Nippon Life Insurance announced yesterday that it would buy a 26% stake in Reliance Capital Asset Management, India’s second largest and most profitable asset management company for Rs14,500 $286 million.

This transaction, which is subject to regulatory approval, is the biggest MA deal as well as the largest foreign direct investment into India’s asset management industry. It values Reliance Capital Asset Management, the asset management subsidiary of Reliance Capital, at $1.1 billion.

“We are delighted to have Nippon as our strategic partners in the mutual fund business. They are already our partners in the life insurance business. The mutual fund partnership cements and strengthens the...

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