Mumbai, Aug 17 (IANS): Reliance Capital, a part of the Anil Ambani Group, Friday said it has concluded its 26-percent stake sale to Japan's Nippon Life for $290 million, pushing its value to $1.1 billion in the largest such deal for an Indian asset management firm.

"The entire transaction proceeds of Rs.1.450 crore ($290 million) has been duly received from Nippon Life Insurance. The transaction pegs the total valuation of Reliance Capital at approximately Rs.5,600 crore ($1.1 billion)," the company said.

The board of Reliance Capital also announced the induction of Yutaka Ideguchi, Nippon Life's general manager for international planning and operations, as a non-executive director and nominee.

Reliance Capital had signed final agreements with Nippon Life to sell 26 percent stake in Reliance Capital earlier this year, subject to a series of regulatory approvals all of which were granted recently.

Nippon Life is a 123-year-old Fortune 100 company and manages over $600 billion in assets, among the largest in the world for any life insurer. The company is the 5th largest life insurer in the world and number one in Asia and Japan.

Reliance Capital is the largest asset management company in India in terms of assets under management, with a portfolio of $28 billion across mutual funds, government sponsored public funds, managed accounts and hedge funds.

Nippon Life Insurance is already a strategic partner in Reliance Life Insurance, after acquiring a 26-percent stake for an aggregate value of $680 million, taking the valuation of the company to $2.6 billion.