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Japanese giant Nippon Life buys addl 14% stake in RCAM for Rs 1,196 crore

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In the biggest ever FDI in Indian mutual fund industry, Japanese giant Nippon Life on Tuesday acquired 14 per cent additional stake in leading fund house Reliance Capital Asset Management Company for Rs 1,196 crore, hiking its stake to 49 per cent.

This pegs the valuation of RCAM, which runs Reliance Mutual Fund and is part of Anil Ambani led conglomerate Reliance Group’s financial services arm Reliance Capital, at Rs 8,542 crore or USD 1.3 billion.

Nippon Life Insurance (NLI), which holds 35 per cent stake in RCAM at present, on Tuesday signed definitive agreements to increase its stake to 49 per cent in the Reliance Group company, RCAM said in a statement.

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