The Competition Commission of India (CCI) has given approval to Nippon Life Insurance to acquire up to 75% stake in Reliance Nippon Life Asset Management (RNAM).
In May, Reliance Capital had said it will exit the mutual fund business by selling its stake in RNAM to its joint venture partner Japan's Nippon Life Insurance.
Reliance Nippon Life Asset Management acts as an adviser to India-focussed equity funds and fixed-income funds in Japan and South Korea. It also manages offshore funds through its subsidiaries in Singapore and Mauritius, catering to investors across Asia, the US and Europe.
