Nippon Life Insurance, the Japanese life insurance company, has completed the acquisition of 49 per cent stake in Reliance Nippon Life Asset Management (RNLAM). Reliance Capital, the holding company of RNLAM, has received Rs 378 crore upon the completion of the acquisition by Nippon life.
Reliance Capital will book capital gains on this final transaction in the quarter ending September 30, 2017, said the company in a statement to BSE.
RNLAM, during the year ended March 31, 2017, announced a year-on-year (y-o-y) increase of 25 per cent in its assets under management (AUM) to Rs 3,58,059 crore. Its total income grew by 9 per cent y-o-y to Rs 1,436 crore and the profit before tax (PAT) was up by a 16 per cent to Rs 581 crore.
The company is one of the largest managers in India in AUM terms.
Source: Business-Standard