Mumbai, Jan 19 (IANS): Anil Ambani-led Reliance Capital Thursday said Japan's Nippon Life will acquire a 26-percent stake in the group's asset management company for $290 million, taking the overall valuation to $1.1 billion.
The company also said this will be the largest foreign direct investment to date in India's mutual fund industry and that the conclusion of the transaction was subject to regulatory approvals.
A pact to that effect was signed by chairman Ambani, on behalf of Reliance Capital Asset Management Company, and Yoshinobu Tsutsui, president of Nippon Life, the 122-year-old Fortune 500 company that has some $600 billion in assets under management.
Nippon Life had already invested $680 million in Reliance Life, a part of Reliance Capital.