Japan's Nippon Life Insurance Co plans to invest about Rs 1,450 crore in Reliance Capital Asset Management, the fund management unit of Reliance Capital , the Nikkei newspaper reported on Thursday.
Nippon Life has agreed to buy a 26% stake in the Reliance Capital subsidiary and the Japanese company will announce the investment later in the day, the paper said, citing unnamed sources.
A Reliance Capital spokesman in Mumbai did not respond to phone calls by Reuters seeking comment.
Reliance Capital, controlled by billionaire Anil Ambani, agreed in March last year to sell a 26% stake in its life insurance business to Nippon Life for $680 million, valuing the business at $2.6 billion.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app