Mumbai, July 13 (IANS) Reliance Capital Ltd on Thursday said it has received Rs 378 crore from Nippon Life Insurance on the completion of increasing its stake to 49 per cent in Reliance Nippon Life Asset Management Ltd (RNAM).
In a statement here, Reliance Capital said it will book capital gains on this final transaction during the third quarter ending September 30, 2017.
RNAM is the largest asset manager in India in terms of assets under management (AUM), managing Rs 3,58,059 crore as of March 31, across mutual funds, pension funds, managed accounts and offshore funds.
Nippon Life Insurance is already a strategic partner in RNAM. Nippon Life Insurance acquired 26 per cent stake in RNAM (formerly known as Reliance Capital Asset Management) in 2012.
Thereafter, Nippon Life has increased its stake to 49 per cent in various tranches, reflecting the success of the partnership.
Nippon Life Insurance is an over 125 years old insurer and a Global Fortune 500 company that manages over $530 billion in assets – amongst the largest total assets in the world for any life insurer. The company is one of the largest life insurers in the world.