Reliance Mutual Fund renamed as Nippon India Mutual Fund
In Mumbai On Monday According to the statement given by the company, the Reliance Mutual Fund has been renamed as Nippon India Mutual Fund.
According to the information said by the Asset Management Company (AMC), With the same management team, Sundeep Sikka is going to lead the company.
The Largest Foreign-owned Asset Management Company(AMC) in India is Nippon India Mutual Fund, whereas Nippon Life Insurance which currently holds a 75 percent stake will be Japan’s largest Life Insurance Company.
Nippon Life Insurance announced the integration of the Nippon India Mutual Fund into its global unified AMC fold, by becoming the single largest shareholder in the company.
In the company, Nippon Life has raised its stake to 75 percent allowing Anil Ambani-promoted Reliance Capital an exit from the mutual funds business.
In May, Reliance Capital had announced that it had signed binding definitive agreements with Nippon Life Insurance of Japan. Under the deal, Reliance Capital will exit the mutual funds business by selling its stake in Reliance Nippon AMC to Nippon Life Insurance.