Bolstering its presence in
India, Japanese insurer Nippon Life is to acquire a 26% stake in
Reliance Capital Asset Management (RCAM), India’s second-biggest
asset manager.
The deal with Reliance
Capital, a unit of Indian conglomerate Reliance ADA Group, is worth
¥22bn ($285m) and represents the largest yet foreign direct
investment in India’s asset management industry. The deal will
reduce Reliance Capital’s stake in RCAM from 53% to 27%.
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Nippon Life’s acquisition of
a stake in RCAM is the second it has concluded with Reliance
Capital. In March 2011, the Japanese insurer announced that it had
agreed to purchase a 26% stake in Reliance Life for some $680m, the
largest foreign direct investment yet in India’s financial services
industry.
RCAM was established in 1996 and reported assets under
management of INR931bn ($19bn) at the end of September 2011. This
gave it a 13% share of the Indian asset management market. RCAM’s
primary focus is on mutual funds.
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