Nippon Life Insurance Completes Acquisition Of 75% Stake In RNAM
The Japanese firm initially acquired 26 percent stake in 2012.
Nippon Life Insurance of Japan on Friday said it has completed the acquisition of 75 percent stake in Reliance Nippon Life Asset Management Ltd. from Reliance Capital Ltd.
With this latest transaction, Nippon Life's total gross investment for RNAM stake is now over Rs 7,800 crore, among the largest foreign direct investment inflows into India in the financial services sector, a statement said.
The Japanese firm initially acquired 26 percent stake in 2012.
Nippon Life Insurance, a 130-year old company, is one of the largest life insurance companies in Japan, managing assets of over $700 billion.
The company, with operating profit of $6.8 billion, has the largest market share in Japan among private life insurance companies, employing over 70,000 employees and serving nearly 14 million customers worldwide.
Total assets managed by Nippon Life Insurance are twice the size of the Indian mutual funds industry.
Nippon Life Insurance has shown complete faith and commitment in the leadership team of RNAM led by Executive Director and Chief Executive Officer Sundeep Sikka, who will continue to lead the company along with rest of the management team, it said.
The company will continue to run its operations as is without any change in structure and management, it added.