May 23, 2019 / 6:54 AM / 2 months ago

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

FILE PHOTO: The logo of the Nippon Life Insurance Co. is displayed at the company's headquarters in Tokyo, Japan. February 26, 2019. REUTERS/Hideyuki Sano

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

Reliance Capital and Nippon Life Insurance Co 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 here

Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu

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