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Reliance Capital receives 378 crore from Nippon Life

IANS  |  Mumbai 

Capital Ltd on Thursday said it has received Rs 378 crore from Nippon Life on the completion of increasing its stake to 49 per cent in Nippon Life Asset Management Ltd (RNAM).

In a statement here, Capital said it will book capital gains on this final transaction during the third quarter ending September 30, 2017.

RNAM is the largest asset manager in India in terms of assets under management (AUM), managing Rs 3,58,059 crore as of March 31, across mutual funds, pension funds, managed accounts and offshore funds.

Nippon Life is already a strategic partner in RNAM. Nippon Life acquired 26 per cent stake in RNAM (formerly known as Capital Asset Management) in 2012.

Thereafter, Nippon Life has increased its stake to 49 per cent in various tranches, reflecting the success of the partnership.

Nippon Life is an over 125 years old insurer and a Global Fortune 500 company that manages over $530 billion in assets - amongst the largest total assets in the world for any life insurer. The company is one of the largest life insurers in the world.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 16:12 IST
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