The Competition Commission of India (CCI) Thursday said it has given its approval to Nippon Life Insurance to acquire up to 75 per cent stake in Reliance Nippon Asset Management.

In a tweet, the CCI said it "approves acquisition of up to 75 per cent stake in Reliance Nippon Life Asset Management Ltd by Nippon Life Insurance Company".

In May, Reliance Capital had said it will exit the mutual fund business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan's Nippon Life Insurance.

Reliance Capital also added that it will receive the proceeds of about Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous Offer For Sale (OFS) to other financial investors.

Last month, Nippon Life Company announced an open offer to acquire nearly 22.49 per cent stake in RNAM for Rs 3,179 crore under a deal with Reliance Capital, which is exiting the mutual funds business.

According to a notice submitted to CCI, the proposed combination involves Nippon Life Insurance's proposed acquisition of up to 75 per cent shareholding in RNAM and its acquisition of 100 per cent shareholding in each of RCTC and RAIF.

Reliance Capital Trustee Company (RCTC) and Reliance Capital AIF Trustee Company (RAIF) are wholly-owned subsidiaries of Reliance Capital.