Reliance Capital Ltd.'s deal to sell its entire stake in its asset management joint venture to its partner Nippon Life Insurance Co. will be completed by the end of September, the Press Trust of India reported Sept. 23, citing the joint venture's CEO, Sundeep Sikka.
The Indian financial service company's sale for its stake in Reliance Nippon Life Asset Management Ltd. is expected to be completed "by the end of this month," Sikka said. Following the stake sale, Nippon Life Insurance will own 75% in the asset manager.
There will be a change in brand name following the completion of transaction and the joint venture's name will be changed in due course, Sikka added.
Reliance Capital will use the 60 billion Indian rupees it will receive through the deal to pare its debt, the publication reported.
As of Sept. 23, US$1 was equivalent to 70.81 Indian rupees.
