Saturday, September 15, 2012

EPFO CLEARS RIL-NIPPON LIFE DEAL AMID TRADE UNION RED FLAG

The central board of trustees of the Employees' Provident Fund organisation (EPFO) approved
Reliance Capital Asset Management Ltd's plan to sell a 26% stake to Japanese insurer Nippon Life,
amid objection from some of the trade union members. EPFO appointed Reliance AMC, State Bank of India, HSBC Asset Management (India) Private Ltd and ICICI Securities Primary Dealership Ltd
as fund managers with a rider that companies have to take written permission for any mergers,
takeover or stake sale.

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