Reliance Mutual Fund renamed as Nippon India Mutual Fund

Mumbai: Reliance Mutual Fund has been renamed as Nippon India Mutual Fund, the company said in a statement on Monday.

The asset management company said that Sundeep Sikka will continue to lead the company with the same management team.

Nippon India Mutual Fund becomes the largest foreign-owned AMC in India, wherein Japan’s largest life insurance company Nippon Life Insurance currently holds 75 per cent stake.

Nippon Life Insurance announced the integration of Nippon India Mutual Fund into their global unified asset management fold, by becoming the single largest shareholder in the company.

Nippon Life has just upped its stake to 75 per cent in the company, allowing Anil Ambani-promoted Reliance Capital an exit from the mutual funds business.

Reliance Capital had announced in May 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 Asset Management to Nippon Life Insurance.

At the time of announcement, both partners held 42.88 per cent stake each in the company, while the rest was with public shareholders.