* To launch offshore equity and debt for Indian markets
* Funds to be advised by India's Reliance Capital
* Reliance Cap, Nippon reiterate plans to set up bank in
MUMBAI, Sept 1 Japan's Nissay Asset Management,
part of Nippon Life Insurance, is launching two India-focused
funds that will invest in equity and debt markets, the fund
manager said in a statement on Monday.
India's Reliance Capital will provide advisory
services for the two funds, which will raise money from Japanese
retail investors and from within Nippon Life Insurance's general
The announcement comes as India's Prime Minister Narendra
Modi is in the middle of a visit to Japan to strengthen security
and business ties among the two countries.
Japanese institutional investments into India have surged by
$1 billion to $4.93 billion in the year to August, according to
Thomson Reuters Lipper data, just as Indian shares have scored a
string of record highs on the back of optimsm that Modi will
help revive economic growth.
Nippon Life Insurance owns a 26 percent stake in Reliance
Capital's fund management business and life insurance businesses
The two companies also reiterated their plans to launch a
bank in India should they gain approval from the central bank.
Reliance Capital had applied for a banking license last year
and said it would sell about 4-5 percent stake in the new
business to Sumitomo Mitsui Trust Bank and Nippon Life
(Reporting by Himank Sharma and Devidutta Tripathy; Editing by