Nippon Life to raise stake in Reliance Capital fund unit

Will invest $108 mn for additional 9% stake

Japan's Nippon Life Insurance will invest $108 million in Reliance Capital's fund management business for an additional 9% stake, the companies said on Wednesday.

The latest investment will increase Nippon Life's stake in Reliance Capital Asset Management to 35%.

Nippon Life has agreed to raise its stake in the Indian fund management business to 49% in two or more tranches, the companies said in a joint statement.