Japan’s Nippon Life Insurance (Nissay) has signed a Memorandum of Understanding (MoU) with Reliance Capital Asset Management (RCAM), India’s second largest mutual fund, for buying 26% stake in RCAM. Nissay has agreed to invest an amount of approximately Rs. 1,450 Crore in RCAM, making it the largest investment in the mutual fund industry of India by a single foreign firm. Nissay is already a strategic partner of Reliance Life Insurance Co. Limited, after it acquired 26% stake in Reliance Life last year.
The deal, however, is yet to get the approval from the mutual fund regulator in India, the Securities Exchange Board of India (SEBI).