Nippon Life to invest $261 mn in Reliance fund unit-Nikkei

Japan's Nippon Life Insurance Co plans to invest about 20 billion yen in Reliance Capital Asset Management, the fund management unit of Reliance Capital , the Nikkei newspaper reported on Thursday.

FP Archives|Dec 20, 2014, 16:33:04 IST

Japan's Nippon Life Insurance Co plans to invest about 20 billion yen (around$261 mn) in Reliance Capital Asset Management, the fund management unit of Reliance Capital , the Nikkei newspaper reported on Thursday.

Nippon Life has agreed to buy a 26 percent stake in the Reliance Capital subsidiary and the Japanese company will announce the investment later in the day, the paper said, citing unnamed sources.

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A Reliance Capital spokesman in Mumbai did not respond to phone calls by Reuters seeking comment.

Reliance Capital, controlled by billionaire Anil Ambani, agreed in March last year to sell a 26 percent stake in its life insurance business to Nippon Life for $680 million, valuing the business at $2.6 billion.

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