trending Market Intelligence /marketintelligence/en/news-insights/trending/9Mx2yDbJPVr7qvyJakEIVA2 content esgSubNav
In This List

Reliance Capital to complete sale of stake in JV by end of September

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Reliance Capital to complete sale of stake in JV by end of September

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.