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.