Sebi nod to Nippon Life’s 26% stake buy in Rel MF

Mumbai: Market regulators in India and Singapore have cleared the sale of Reliance Capital's 26% stake in Reliance Mutual Fund to Nippon LifeInsurance, Japan's biggest life insurer, for Rs 1,450 crore. Sebi and Monetary Authority of Singapore have both cleared the deal, Reliance MF said in a statement. Statutory approvals from RBI, Competition Commission of India (CCI) and PFRDA, the pension regulator, are already in place, the statement said. 

    With all the statutory approvals in place, the final agreement between Anail Ambanicontrolled Reliance Capital, the promoters of Reliance MF, and the Singapore-arm of Nippon Life is expected to be signed over the next few weeks. Once closed, this will be the biggest FDI in the Indian mutual fund industry. The buyout, by the largest insurance firm in Asia, values the fund house at Rs 5,600 crore. 
    Reliance MF is the largest fund house in India, managing around Rs 1.40 lakh crore in assets in MFs, government-sponsored public funds, managed accounts and hedge funds.