Khaitan & Co and Anderson Mori & Tomotsune have advised Japan's Nippon Life Insurance on its acquisition of a 26 percent stake in Reliance Capital Asset Management Company for 14.5 billion rupees ($290 million), the largest foreign direct investment (FDI) deal in any Indian asset management company till date.
The transaction pegged the valuation of Reliance Capital Asset Management, which is owned by Reliance Group, at around 56 billion rupees, and further strengthened Reliance Capital's partnership with Nippon Life. In October last year, Reliance Capital completed a 26 percent stake sale in life insurance venture Reliance Life to Nippon Life for over 30 billion rupees.
Amarchand & Mangaldas partners Vandana Shroff and Ravindra Bandhakavi acted for Reliance Capital, which has about 850 billion rupees of funds under its management. Nippon Life was represented by Khaitan & Co partners Zakir Merchant and Vaishali Sharma, and Anderson Mori partner Ryo Kotoura.
“This deal represents and adds to the several milestones in the ever- growing Japanese interest in India,” said Merchant in a statement. “The firm’s extensive experience in advising and handling several leading Japanese companies in their India strategies and investments helped the firm once again in effectively managing and successfully meeting the demanding requirements for a transaction of this nature.” ALB
Ranajit Dam is Southeast Asia Editor at ALB. Follow him on Twitter: @RanajitDam_ALB.
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