Business Standard

RNAM to manage Indo-Japan technology fund

Image

Press Trust of India New Delhi
Reliance Nippon Life Asset Management (RNAM) will manage an Indo-Japan technology fund that will invest in Indian startups.
The Fund of Funds (FoF) was announced by the Japanese government after a meeting between Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe in Osaka on Thursday.
RNAM, the Indian asset management company of Japan's Nippon Life, would be launching the 'Indo Japan Emerging Technology & Innovation AIF'.
The FoF is expected to invest in unique Indian tech startups in emerging fields, including Internet of Things (IoT), artificial intelligence, healthcare and education, according to RNAM Executive Director and Chief Executive Officer Sundeep Sikka.
"We are glad to launch the India-Japanese Tech Fund which will give Japanese investors a direct access to the Indian startup space. We are honoured to manage this fund launched at the G20 summit in the meeting between Prime Ministers of both the countries," he said.
Japan and India have committed to strengthen industrial competitiveness in both countries by creating the FoF to invest in India's fast-growing startups.
Both countries support Indian startups and promote collaboration between India which has strength in software and Japan which has strength in hardware, according to a statement issued by the Japanese government on Thursday.
"As a General Partner, Reliance Nippon Life Asset Management, a subsidiary of Nippon Life, and as Limited Partners, Mizuho Bank, Development Bank of Japan and Nippon Life signed a Letter of Intent. Both countries welcome this progress so far," it said.
According to sources, the target size of the fund to be raised from Japan is expected to be USD 150 million.
Recently, Nippon Life Insurance entered into a definitive agreement with Reliance Capital to acquire nearly 22.49 per cent stake in RNAM. Reliance Capital is exiting the mutual funds business.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 28 2019 | 8:10 PM IST

Explore News