Anil Ambani's Reliance Capital looks beyond Nippon Life for AMC stake

Global biggies explore higher offer than Nippon

Anil Ambani-controlled Reliance Capital (RCap) has begun talks with global investors to sell its 42.88 per cent stake in Reliance Nippon Life Asset Management (RNAM), which manages the mutual fund (MF) business.

The investors it is talking to include the Abu Dhabi Investment Authority (ADIA), Mubadala, Singapore-based Temasek, the Ontario Teachers’ Pension Plan, and private equity funds Blackstone and The Carlyle Group. ADIA and Blackstone declined to comment; the others did not reply to emails.

The move comes hard on the heels of Reliance asking its joint venture (JV) partner Nippon Life Insurance to put an offer on the table