Nippon Life Insurance of Japan(NLI) has completed the acquisition of Reliance Nippon Life Asset Management (RNAM). NLI has taken a 75% stake in the company.
Nippon Life initially invested and acquired a 26% stake in 2012. With this latest transaction, Nippon Life’s total gross investment for RNAM stake is valued over Rs 7,800 crore. The RNAM brand will be changed soon, the company said.
Nippon Life Insurance said that the RNAM team will continue to be led by Executive Director and CEO Sundeep Sikka, The company will continue to run its operations as is without any change in structure and management, NIL said.
NLI has already launched 3 India focused fund in Japan in collaboration with RNAM.
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