- The Reliance Mutual Fund (RMF) has been renamed as Nippon India Mutual Fund (NIMF).
- Nippon Life Insurance has purchased the 75% stake in the company, Due to this Reliance Capital an exit from the Mutual Funds business.
- Due to this acquisition, Nippon India Mutual Fund has become the largest foreign-owned Asset Management Company (AMC) in India.
- At the time of the announcement, both Reliance Capital and Nippon Life held 42.88% stake each, while the rest was with public shareholders.
Published On : 10 Oct 2019
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