Nippon Life to buy into Reliance Group arm
January 19th, 2012 - 3:31 pm ICT by IANS ( Leave a comment )Mumbai, Jan 19 (IANS) Anil Ambani-led Reliance Capital Thursday said Japan’s Nippon Life will acquire a 26-percent stake in the group’s asset management company for $290 million, taking the overall valuation to $1.1 billion.
The company also said this will be the largest foreign direct investment to date in India’s mutual fund industry and that the conclusion of the transaction was subject to regulatory approvals.
A pact to that effect was signed by chairman Ambani, on behalf of Reliance Capital Asset Management Company, and Yoshinobu Tsutsui, president of Nippon Life, the 122-year-old Fortune 500 company that has some $600 billion in assets under management.
Nippon Life had already invested $680 million in Reliance Life, a part of Reliance Capital.
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Reliance Life concludes 26 percent stake sale to Nippon for $680mn - Oct 09, 2011
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- Reliance Life gets central bank nod for stake sale to Nippon - Sep 30, 2011
- Regulator's nod for Reliance Capital's 26 percent stake sale to Nippon - Sep 14, 2011
- Reliance Life gets Nippon on board for $680 million - Mar 14, 2011
- Reliance Life looks to next big steps in ties with Nippon - Oct 09, 2011
- Reliance Mutual looking for foreign partners to go global - Oct 02, 2011
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- Reliance Life exploring strategic equity partner among banks - Jul 20, 2011
- Reliance Mutual Fund launches small cap fund - Aug 25, 2010
- Reliance Capital net profit up 68 percent - Feb 12, 2011
- Reliance Capital net profit dips 28 percent - Nov 13, 2010
- Reliance Capital consolidated net profit rises 9 percent - May 30, 2011
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