Japanese financial services giant Nippon Life Insurance has agreed to raise its stake in India’s Reliance Capital Asset Management Company (RCAM) to 49% from 26%.
Under the agreement, the Japanese firm will invest INR6.57bn ($106.22m) in the first tranche for an additional 9% stake to reach 35%.
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Nippon Life will buy remaining 14% stake in multiple tranches over the next two years.
The deal hikes the valuation of Reliance Capital to around $1.2bn.
Sam Ghosh, CEO of Reliance Capital, said: "We welcome Nippon’s decision to further strengthen this partnership and acquire an additional stake in our asset management company. We strongly believe their expanded role in the Company will accelerate our growth, reach and performance."
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