<p>A Memorandum of Understanding (MoU) was signed today in Tokyo between Reliance Capital (R-Cap) Chairman Anil Ambani and Nippon Life President Yoshinobu Tsutsui for strengthening of the business relationship between the two companies.<br /><br />Earlier this year, Nippon Life had signed a definitive agreement for acquiring 26 per cent stake in Reliance Life Insurance for Rs 3,062 crore. The deal is currently awaiting regulatory and other approvals.<br /><br />Today's MoU would entail Nippon Life evaluating various collaboration opportunities, including strategic partnership, across all Reliance Capital-promoted financial businesses, including mutual fund, the company said in a statement.<br /><br />After signing the MoU, Anil Ambani said, "Nippon Life has already agreed to be our partner in the Life Insurance business, and we see great potential to work together across our other financial services businesses."<br /><br />Nippon Life's Yoshinobu Tsutsui said, "We are delighted to have an opportunity to expand our relationship with Reliance, one of the most respected business groups in India."<br />Nippon Life is a 122-year-old Fortune 100 company, ranked as seventh largest life insurer in the world and the single-largest private life insurer in Asia and Japan.<br />Its deal with Reliance Life pegged the total valuation of the Indian insurer at about Rs 11,500 crore (USD 2.6 billion).<br /><br />In addition to life insurance, R-Cap, the financial services arm of Anil Ambani-led conglomerate Reliance Group, has interest in an array of financial sector businesses.<br />These include mutual funds, general insurance, commercial finance, broking, investment banking, wealth management, distribution of financial products, exchanges, private equity, asset reconstruction, among other financial services.<br /><br />Reliance Capital Asset Management is the country's largest AMC (Asset Management Company) and manages over Rs 1,04,136 crore across mutual funds, pension funds, managed accounts and hedge funds and has over 7 million investors.<br /><br />R-Cap figures among the country's top-four private sector financial services and banking groups, in terms of net worth.<br /><br />Its parent Reliance group is amongst India's leading business houses with presence across a wide array of consumer-facing businesses of financial services, telecom, energy, power, infrastructure and media and entertainment.<br /><br />Osaka-based Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer with revenues of USD 80 billion and profits of over USD 3 billion. <br /></p>
<p>A Memorandum of Understanding (MoU) was signed today in Tokyo between Reliance Capital (R-Cap) Chairman Anil Ambani and Nippon Life President Yoshinobu Tsutsui for strengthening of the business relationship between the two companies.<br /><br />Earlier this year, Nippon Life had signed a definitive agreement for acquiring 26 per cent stake in Reliance Life Insurance for Rs 3,062 crore. The deal is currently awaiting regulatory and other approvals.<br /><br />Today's MoU would entail Nippon Life evaluating various collaboration opportunities, including strategic partnership, across all Reliance Capital-promoted financial businesses, including mutual fund, the company said in a statement.<br /><br />After signing the MoU, Anil Ambani said, "Nippon Life has already agreed to be our partner in the Life Insurance business, and we see great potential to work together across our other financial services businesses."<br /><br />Nippon Life's Yoshinobu Tsutsui said, "We are delighted to have an opportunity to expand our relationship with Reliance, one of the most respected business groups in India."<br />Nippon Life is a 122-year-old Fortune 100 company, ranked as seventh largest life insurer in the world and the single-largest private life insurer in Asia and Japan.<br />Its deal with Reliance Life pegged the total valuation of the Indian insurer at about Rs 11,500 crore (USD 2.6 billion).<br /><br />In addition to life insurance, R-Cap, the financial services arm of Anil Ambani-led conglomerate Reliance Group, has interest in an array of financial sector businesses.<br />These include mutual funds, general insurance, commercial finance, broking, investment banking, wealth management, distribution of financial products, exchanges, private equity, asset reconstruction, among other financial services.<br /><br />Reliance Capital Asset Management is the country's largest AMC (Asset Management Company) and manages over Rs 1,04,136 crore across mutual funds, pension funds, managed accounts and hedge funds and has over 7 million investors.<br /><br />R-Cap figures among the country's top-four private sector financial services and banking groups, in terms of net worth.<br /><br />Its parent Reliance group is amongst India's leading business houses with presence across a wide array of consumer-facing businesses of financial services, telecom, energy, power, infrastructure and media and entertainment.<br /><br />Osaka-based Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer with revenues of USD 80 billion and profits of over USD 3 billion. <br /></p>