Reliance Mutual Fund Renamed as Nippon India Mutual Fund
- Reliance Mutual Fund has been renamed as Nippon India Mutual Fund as Nippon Life has become the single largest shareholder in the company.
- This Asset Management Company (AMC) has been acquired by Japan’s largest life insurance company Nippon Life Insurance by acquiring 75 percent stake in the company, allowing Anil Ambani-promoted Reliance Capital to exit from the mutual funds business.
- Nippon India Mutual Fund has now become the largest foreign-owned AMC in India.
- In Reliance Mutual Fund, both Reliance Capital and Nippon Life held 42.88 percent stake each, while the rest was with public shareholders.
Points to Remember:
- Reliance Mutual Fund has been renames as?
- Which company has acquired maximum shares in Reliance Mutual Fund?
- What is the share of Nippon Life in Nippon India Mutual Fund?