Nippon Life India acquires land parcel in Lower Parel worth ₹486 Crore

22 Nov 2024 , 01:02 PM

Nippon Life India Asset Management has announced the signing of a formal deal with One Place Commercials Private Limited to acquire commercial office buildings. The new location, at One Lodha Place in Lower Parel, has a carpet area of 52,162 square feet.

The acquisition totalled ₹486 Crore, minus stamp duty. NAM India stated that there are no shareholding linkages with the selling business, and the transaction is not classified as a related party transaction.

Nippon Life reported a 47.3% YoY growth in net profit of ₹360.1 Crore in the September 2024 quarter, up from ₹244.41 in the previous year. The revenue from operations increased by 43.7% to ₹571.3 Crore. The asset management company generated revenue of ₹397.48 Crore in the same period last year. The corporation approved an interim dividend of ₹8 each equity share worth ₹10 each.

The company declared a total dividend of ₹16.50 per share in FY24. The overall dividend offered over the last ten fiscal years was ₹51 Billion.

The mutual fund’s quarterly average AUM was ₹5.49 Trillion, increasing 57% year on year. The systematic flows for Q2 FY25 were recorded at ₹90.3 Billion, up 91% year on year. The company boasts the industry’s largest unique investor base (18.9 Million) and a market share of 37.7%. 

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