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Approval by the Competition Commission of India for Nippon Life Insurance Company’s proposal to pick up 9 per cent more stake in Reliance Capital Asset Management Company (RCAM) could boost the Reliance Capital stock. Nippon already owns 26 per cent stake in the company. It plans to pump in about ₹650 crore for the stake-buy. Anil Ambani-owned RCAM runs Reliance MF and is part of Reliance Capital. Nippon Life has an option to increase its stake in RCAM to 49 per cent.
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