Nippon Life to buy 43% stake in Reliance MF for 70 billion yen: Nikkei

RCap, a part of Anil Dhirubhai Ambani Group, has been looking to monetise its assets to address its debt-related problems

The Japan-headquartered Nippon Life will pay about ¥70 billion (Rs 4,484 crore) to acquire a majority of its joint venture (JV) partner Reliance Capital’s (RCap) 43 per cent stake in Reliance Nippon Life Asset Management (RNAM), according to a Nikkei report. 

While the report doesn’t state the exact quantum of stake that Nippon Life could pick up, it says the firm “plans to look for a different Indian partner to take Reliance group’s place”.

The asset manager — in which Anil Ambani group’s RCap is an equal JV partner — saw its stock price rise as much as 6 per cent in