EPFO approved Reliance-Nippon stake deal

                     The Employees Provident Fund Organization (EPFO) finally gave its approval to the 26% stake sale by Reliance Capital Asset Management Company to Japan’s Nippon Life Insurance group. According to the EPFO trustee and Hind Mazdoor Sabha (HMS) secretary Mr. A.D. Nagpal, the proposal, which was presented by the Reliance Capital Asset Management, has been approved in a very important meeting. The meeting was chaired by the honorable Labour Minister Mallikarjun Kharge himself.

                          According to Nagpal, the members were satisfied with the explanations that were given by Reliance Capital Asset Management; they assured that there will not be any change in the overall company policy or in the asset management.

                         It is here to be mentioned that last year only the EPFO appointed Reliance Capital Asset and others as its fund managers for the period of three years. As per the term of appointment, the fund managers should not undertake measures like mergers, divestment and others without the nod of trust.