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Nippon News
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The Foreign Investment Promotion Board (FIPB) Monday cleared 16 FDI proposals worth Rs 14,000 crore including that of Japan's Nippon hiking stake in Reliance Life Insurance to 49 per cent, as also that of four other foreign insurers
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The Japanese insurance major believes that the open bancasurance architecture has the potential to double life insurance market in India in the next five years.
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Competition Commission has approved Japanese financial services giant Nippon's proposed deal to hike its stake in India's top fund house Reliance Mutual Fund to 49 percent in multiple tranches.
Anil Ambani group firm Reliance Capital, a diversified financial services entity, already has Japan's Nippon as a significant partner in its mutual fund business.
Shares of Reliance Capital rose by nearly 5 percent as Japanese financial services giant Nippon will hike its stake in India's top fund house Reliance Mutual Fund from 26 percent to 49 percent.
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