News From Press Reliance Capital gets Rs378 crore as Nippon Life hikes stake in joint venture

Reliance Capital gets Rs378 crore as Nippon Life hikes stake in joint venture

Source: Mint Jul 14, 2017

Reliance Capital Ltd, the holding company of Reliance Nippon Life Asset Management Ltd (RNAM), on Thursday said that it has received Rs378 crore ($59 crore) from Nippon Life Insurance, upon completion of a transaction, increasing Nippon Life’s stake in RNAM to 49%.

Nippon Life Insurance had acquired a 26% stake in RNAM in 2012. Thereafter, Nippon Life increased its stake to 49% in various tranches.

Nippon Life Insurance, one of the largest life insurance companies in the world, manages over $530 billion in assets.

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