Reliance Capital has announced the completion of the sale of 26 per cent stake in Reliance Capital Asset Management (RCAM) to Nippon Life Insurance. “The final EPFO approval that was required has been given,” said Sam Ghosh, CEO, Reliance Capital. A total of seven regulatory approvals were required which were given between the months of March and August, added Ghosh.

The board of directors of RCAM have also announced the induction of Yutaka Ideguchi as a Non-executive Director and Nippon Life nominee on the board.

(This article was published in the Business Line print edition dated August 18, 2012)
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