Reliance Capital today said it has received Rs 378 crore from Nippon Life Insurance after the Japanese firm increased its stake in their asset management business to 49 per cent.
The Anil Ambani group firm, Reliance Capital, will book capital gains on this final transaction in the quarter ending September 30, 2017.
As on March 2017, Reliance Nippon Life Asset Management (RNAM) had an asset base of Rs 3.6 lakh crore (about USD 55 billion).
Nippon Life Insurance is an over 125 years old insurer and a Global Fortune 500 company that manages over Rs 34.45 lakh crore (USD 530 billion) in assets.
"Reliance Capital, the holding company of Reliance Nippon Life Asset Management, received Rs 378 crore from Nippon Life Insurance," it said in a statement.
Nippon, which is already a strategic partner in RNAM, had acquired 26 per cent stake in the company for Rs 1,450 crore in 2012. Subsequently, Nippon Life in 2015 had purchased 9 per cent additional stake for about Rs 657 crore to take its holding to 35 per cent.
Thereafter, Nippon Life increased its stake to 49 per cent in various tranches, reflecting the success of the partnership.
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