On October 13, 2015, Nippon Life Insurance Company announced that it had reached a definitive agreement to increase its ownership in Reliance Capital Asset Management Limited from 35% to 49%.
Nippon Life Insurance Company (“Nippon Life”) exercised its right to purchase up to 49% of Reliance Capital Asset Management Limited (“Reliance Asset”) pursuant to Nippon Life’s November 2014 agreement with parent company Reliance Capital Limited. Nippon Life will purchase the additional 14% stake for approximately 12 billion Indian rupees, or about $183.4 million.
Reliance Capital will be renamed “Reliance Nippon Life Asset Management” as part of the transaction, which remains subject to regulatory approval.
To read the press release: please click here.