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RCap gets Rs 378 cr from Nippon Life

Press Trust of India  |  New Delhi 

Capital today said it has received Rs 378 crore from Nippon Life after the Japanese firm increased its stake in their asset management business to 49 per cent.

The Anil Ambani group firm, Capital, will book capital gains on this final in the quarter ending September 30, 2017.

As on March 2017, Nippon Life Asset Management (RNAM) had an asset base of Rs 3.6 lakh crore (about USD 55 billion).

Nippon Life is an over 125 years old insurer and a Global 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.

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

First Published: Thu, July 13 2017. 16:29 IST