Reliance Capital has concluded transaction with Nippon Life Insurance Company of Japan to sell its stake in Reliance Nippon Life Asset Management (RNAM). The company has received proceeds of around Rs 5,500 crore ($785 million) through sale of its shareholding to Nippon Life Insurance Company and through offers for sale.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.
