Nippon Life Insurance has increased its stake in Mumbai-based Reliance Capital Asset Management.
The Japanese company said that it had paid ¥12.8bn ($107.2m) for an additional 9% of Reliance Capital, taking its holdings from 26% to 35%. In addition it has the right to buy a further 14% of Reliance Capital within the next two years, upping its stake to 49%.
Reliance Capital deals with mutual funds, pension funds, managed accounts and offshore funds. At the end of 2014 it had around ¥2.4trn in assets under management.
Nippon Life said that it intended to continue to develop its existing plans to work with Reliance Capital, and that the two were already supplying investment products to each other for retail investors in Japan and India.
Nippon Life added that it would also continue to develop its asset management business globally.
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