Mumbai, March 17 (IANS) Reliance Capital, a part of Anil Ambani-led group, on Thursday said it has concluded the sale of a 14-percent additional stake in its asset management company with the receipt of Rs.1,200 crore ($180 million) from Nippon Life Insurance.
"Nippon Life Insurance, a Fortune 500 company and one of the largest life insurers in the world, now becomes a co-sponsor of Reliance Mutual Fund, along with Reliance Capital, and will own 49 percent in Reliance Capital Asset Management," the company said in a regulatory filing.
"In line with the new shareholding, the name of acquired entity will also change to Reliance Nippon Life Asset Management." The Japanese company had acquired 26-percent stake in it for $240 million in 2012. Another 9 percent was acquired last year for $108 million.
Thursday's transaction pegs the valuation of the asset management company at $1.3 billion.
Nippon Life Insurance, also called Nissay, is one of Japan's leading private life insurer with revenues of $61 billion and profits of over $2.5 billion.
