Mutual Funds Reliance historical AMC Anil Ambani group

Reliance Mutual Fund (historical)

From WebNotes, a public knowledge base. Last updated 19 May 2026. Reading time ~5 min.

Reliance Mutual Fund was the Indian asset management arm of Reliance Capital, the Anil Ambani group’s financial services holding company. Operating from 1995 to 2019, Reliance Mutual Fund grew into one of India’s top-tier AMCs before its acquisition by Nippon Life Insurance and rebranding as Nippon India Mutual Fund in October 2019. The transition was driven by Reliance Capital’s broader financial distress and the strategic interest of Nippon Life (which had been a 50% joint-venture partner since 2012) in acquiring full control.

For Indian retail investors who held units in Reliance Mutual Fund schemes during the 2010s, the entity is now Nippon India Mutual Fund . Folios, units, and schemes continued under the new brand without disruption.

Background

Establishment

Reliance Capital launched Reliance Mutual Fund in 1995, making it one of the earliest private-sector AMCs in India following the SEBI (Mutual Funds) Regulations 1996 liberalisation framework. The AMC was structured as a subsidiary of Reliance Capital, the financial services arm of the Anil Ambani group following the 2005 Reliance Industries demerger.

Nippon Life joint venture

In 2012, Nippon Life Insurance of Japan acquired a 26% stake in the AMC, with the stake subsequently raised to 49% in 2015 and then to 50% in 2017. The entity was renamed Reliance Nippon Life Asset Management Limited (RNLAM), reflecting the 50-50 joint venture structure.

Scheme portfolio

During its peak years (2017-2018), Reliance Mutual Fund managed approximately Rs 2.4 lakh crore in AUM across equity, debt, hybrid, and ETF schemes. Flagship schemes included:

Reliance Growth Fund (large-cap equity).
Reliance Diversified Power Sector Fund (thematic).
Reliance Equity Hybrid Fund.
Reliance ETF Nifty BeES (the original Nifty BeES ETF, India’s first, acquired during Benchmark Asset Management consolidation).

2019 Nippon acquisition

By 2019, Reliance Capital faced significant financial distress with multiple credit downgrades and commercial-paper defaults. The mutual fund subsidiary was identified for divestment.

In October 2019, Nippon Life Insurance acquired Reliance Capital’s 50% stake in the AMC for approximately Rs 6,000 crore, taking 100% ownership. The transaction is detailed in Nippon-Reliance acquisition (2019) .

Rebrand

Post-acquisition:

Entity renamed to Nippon Life India Asset Management Limited.
Schemes rebranded from “Reliance …” to “Nippon India …” prefix.
Existing fund management team retained.
Investor folios and units preserved.

Legacy and continuity

The Reliance Mutual Fund brand was retired in 2019. Schemes continue under Nippon India Mutual Fund with broadly continuous management approach and operational practices.

For Indian investors:

Old “Reliance …” scheme names now appear as “Nippon India …” on statements.
Folio numbers continue unchanged.
Tax basis, NAV history, and unit positions preserved across the rebrand.

External references

References

SEBI approval orders for the Nippon-Reliance acquisition (2019).
AMFI Best Practice Guidelines on AMC ownership changes.
Nippon India Mutual Fund corporate disclosures.

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 19 May 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.