Japan's Nippon Life Insurance to raise stake in Reliance Capital-owned asset manager to 75%

Credit: REUTERS/STAFF

Reliance Nippon Life Asset Management Ltd said on Thursday its Japanese investor would increase its stake in the Mumbai-based asset manager to 75%.

BENGALURU, May 23 (Reuters) - Reliance Nippon Life Asset Management Ltd RELL.NS said on Thursday its Japanese investor would increase its stake in the Mumbai-based asset manager to 75%.

Reliance Capital RLCP.NS and Nippon Life Insurance Co NPNLI.UL both own 42.88% stake each in Reliance Nippon. Nippon Life will buy out most of Reliance Capital's stake with this deal, the asset manager said.

(Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu)

((derek.francis@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 2100; Reuters Messaging: derek.francis.thomsonreuters.com@reuters.net))

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