Reliance Capital offers to sell stake in asset management JV to Nippon Life

Anil Ambani-led Reliance Capital (RCap) on Thursday said it has invited Nippon Life Insurance to acquire up to 42.88 per cent, which is its entire stake, in Reliance Nippon Life Asset Management Ltd (RNAM).

Japan's Nippon Life Insurance Co. Ltd. already holds 42.88 per cent stake in RNAM.

"Reliance Capital Ltd has invited its partner, Nippon Life Insurance Co Ltd to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd," Reliance Capital said in a regulatory filing.

The company said it will make further announcements at the appropriate time.

As per BSE data, as on December 31, 2018, Reliance Capital held 42.9 per cent stake in Reliance Nippon Life Asset Management Ltd.

Anil Ambani-led Reliance Group companies have been trying to monetise some of their assets and bring down the debt significantly.

The Supreme Court on Wednesday held RCom Chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson, and said they faced a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks.

The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks.