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Nippon Life to Make Indian Asset Management Firm Subsidiary

Nippon Life to Make Indian Asset Management Firm Subsidiary

   Tokyo, May 23 (Jiji Press)--Nippon Life Insurance Co. said Thursday that it will raise its equity stake in India's Reliance Nippon Life Asset Management Ltd. to make it a subsidiary.
   The Japanese insurer will increase the stake from about 43 pct to 75 pct by buying Reliance Nippon Life shares mainly from Indian financial services company Reliance Capital Ltd. for 45.2 billion rupees, or about 72.8 billion yen.

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AFP-JIJI PRESS NEWS JOURNAL


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