Anil Ambani led Reliance Group and Nippon Life Insurance Company welcome Prime Minister Narendra Modi's first visit to Japan after inaugurating the government.
India and Japan have promoted strengthening the economic relations through leveraging Comprehensive Economic Partnership Agreement (CEPA) which became effective in August 2011.
Welcoming Modi on his Japan visit, Nippon and Reliance Group said in a joint statement that the two groups would actively expand their collaboration and contribute towards strengthening of Indo-Japan relations.
The Japanese insurer has 26% stake each in Reliance Capital Asset Management (RCAM) and Reliance Life Insurance Company (RLIC), both part of Reliance Capital, the financial services arm of Reliance Group.
The collaborations between Reliance Group and NLI Group intend to build not only the one direction of economic interchange by Japanese corporations' advancing to the huge Indian market, but the interactive and dynamic economic interchange by making full use of the strengths of both countries and both groups.
"As a good role model of business partnership between Indian and Japanese corporations, Reliance Group and NLI Group will actively further expand their collaboration, which will contribute towards strengthening the relations between India and Japan," Reliance Group Managing Director Amitabh Jhunjhunwala said.
Shares of the company gained Rs 9.2, or 1.68%, to trade at Rs 557.55. The total volume of shares traded was 265,388 at the BSE (12.56 p.m., Tuesday).