New Delhi: Nippon Life Insurance of Japan said it has completed the acquisition of 75 per cent stake in Reliance Nippon Life Asset Management (RNAM) from Reliance Capital.
With this latest transaction, Nippon Life's total gross investment for RNAM stake is now over Rs 7,800 crore, amongst the largest FDI inflows into India in the financial services sector, a statement said.
The Japanese firm initially acquired 26 per cent stake in 2012.
Nippon Life Insurance, a 130-year old company, is one of the largest life insurance companies in Japan, managing assets of over USD 700 billion.
The company, with operating profit of USD 6.8 billion, has the largest market share in Japan among private life insurance companies, employing over 70,000 employees and serving nearly 14 million customers worldwide.
Total assets managed by Nippon Life Insurance are twice the size of the Indian mutual funds industry.
Nippon Life Insurance has shown complete faith and commitment in the leadership team of RNAM led by Executive Director and CEO Sundeep Sikka, who will continue to lead the company along with rest of the management team, it said.
The company will continue to run its operations as is without any change in structure and management, it added.