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Japan's Nippon To Invest Rs 1,450 Crore In Reliance AMC For 26% Stake (19-Jan-2012)

Indian-Commodity  :  Investment  :  Japan's Nippon To Invest Rs 1,450 Crore In Reliance AMC For 26% Stake
Japan's Nippon To Invest Rs 1,450 Crore In Reliance AMC For 26% Stake
Japan's Nippon Life will be investing Rs 1,450 crore in Reliance Asset Management Company (AMC), the mutual fund arm of Reliance Capital. Nippon Life has signed a Memorandum of Understanding (MoU) to buy a 26% stake in the company. The two companies have agreed for the deal in March last year.

The transaction pegged Reliance Capital Asset Management valuation at approximately Rs 5,600 crore. It is the largest investment in any Indian asset management company. Nippon has already invested Rs 3,062 crore in Reliance Life Insurance for 26 percent stake. The company will be using the money received from the deal to pay off debt, which will be down to Rs 15,000 crore from Rs 20,000 crore.
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