Anil Ambani Group to exit asset management biz, sell shares to Nippon Life

Anil Ambani Group to exit asset management biz, sell shares to Nippon Life

Photographer: Qilai Shen/Bloomberg

India’s debt-ridden Anil Ambani group will exit the asset management business by selling shares in its joint venture to Japanese partner Nippon Life Insurance Co., which will take a controlling stake in India’s fifth-biggest mutual fund.