Reliance Cap, Nippon Life in pact for possible tie-ups | business | Hindustan Times
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Reliance Cap, Nippon Life in pact for possible tie-ups

business Updated: Sep 02, 2011 02:15 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Anil Ambani-promoted Reliance Capital on Thursday announced the signing of an agreement with Tokyo-based Nippon Life to expand the scope of their partnership, while exploring stake sales of mutual fund and other businesses to the Japanese major.

The memorandum of understanding (MoU) was signed in Tokyo between Anil Ambani, chairman, Reliance Capital and Yoshinobu Tsutsui, president, Nippon Life.

The MoU would allow Nippon Life to assess various collaboration opportunities, including strategic partnership, across all financial businesses promoted by Reliance Capital including mutual fund, the companies said in a statement.

Nippon Life acquired 26% stake in Reliance Life Insurance for Rs 3,062 crore earlier this year.

"Nippon Life and Reliance share an identical vision of creating superior value for all stakeholders, including customers, employees and shareholders, through building of long term relationships… we see great potential to work together across our other financial services businesses," Ambani said after signing the MoU.