Religare Group’s 49 per cent stake sale plan to global investment management firm Invesco has been cleared with the Competition Commission of India giving its nod.
In September, NYSE-listed Invesco has picked up the stake in Religare Asset Management Company for about Rs 460 crore. Invesco has about $670 billion assets under management and market capitalisation of $11 billion.
Invesco is acquiring the stake through a group entity, Invesco Hong Kong Ltd, from Religare Securities Ltd, and the deal is estimated to have valued Religare group’s mutual fund business at about Rs 1,000 crore.
CCI said the deal is not likely to have any “appreciable adverse effect on competition in India” as Invesco does not have any direct or indirect presence in the Indian mutual fund and portfolio management services in the country.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.