Current Affairs - Business - Discussion

Anil Ambani's Reliance Capital will exit mutual fund business by selling its stake in Reliance Nippon Life Asset Management to Japanese partner Nippon Life Insurance. Reliance Capital will sell 32.12% stake to Nippon Life for ₹4,520 crore, taking the latter's shareholding to 75%. It will offer its remaining 10.76% stake to other investors for ₹1,480 crore. Reliance Nippon is the fifth largest asset management company in the country, managing assets worth Rs 2.33 lakh crore. This is the largest FDI in India's financial services industry from Japan.