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Nippon life to raise stake in Reliance Capital Fund unit

Japan’s Nippon Life Insurance will invest $108 million in Indian company Reliance Capital’s fund management business for an additional 9 per cent stake, the companies said on Wednesday.

The latest investment will increase Nippon Life’s stake in Reliance Capital Asset Management to 35 per cent.

Nippon Life has agreed to raise its stake in the Indian fund management business to 49 per cent in two or more tranches, the companies said in a joint statement.

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