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Reliance Capital, which has completed five years of partnership with Nippon Life, May 16 said it plans to strengthen the association with more products in mutual fund and life insurance spaces going ahead. Nippon Life's partnership with Reliance Capital began in 2011 when the Japanese financial services giant picked up 26% stake in Reliance Life Insurance. Subsequently, Nippon picked up 26% stake in Reliance Mutual Fund as well while the stakes in both the ventures of Reliance Capital have now been hiked to 49% each.
Reliance Capital is the financial services arm of Anil Ambani-led Reliance Group. Following these, RCAM has changed its name to Reliance Nippon Life Asset Management and Rel Life has now become Reliance Nippon Life Insurance Company. "RCAM has launched various funds in collaboration with Nippon Life in India and Japan that now have an AUM of around USD 1 billion. Similarly, our life insurance business has adopted various processes and initiatives from Nippon Life. We plan to strengthen this partnership with more products and initiatives going ahead," Reliance Capital Group CEO Sam Ghosh said in a statement.
"We are happy that the Reliance Nippon partnership that started five years ago has prospered and strengthened with time. Nippon Life is now our valued partner, with larger stake, not only in our life business but also in our asset management business. May 16 we celebrate five years of this partnership," he added.
