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Reliance Capital completes sale of stake in asset management JV

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Reliance Capital completes sale of stake in asset management JV

India's Reliance Capital Ltd. completed the sale of its stake in its joint venture Reliance Nippon Life Asset Management Ltd. to Japan's Nippon Life Insurance Co.

Reliance Capital received approximately 55 billion Indian rupees through the sale to the Japanese life insurer and through offers for sale, according to a Sept. 28 stock exchange filing.

Following the stake sale, Nippon Life Insurance owns a 75% stake in the asset management joint venture.

In addition, Reliance Capital sold its entire stakes in wholly owned subsidiaries, Reliance Capital Trustee Co. Ltd. and Reliance Capital AIF Trustee Co. Pvt. Ltd., to Nippon Life Insurance for 17 million rupees and 1.3 million rupees, respectively, according to a separate same-day filing.

As of Sept. 27, US$1 was equivalent to 70.46 Indian rupees.