IndusInd Intl Holdings forms JV with Invesco Mutual Fund
MUMBAI : IndusInd International Holdings Ltd, a Mauritius-based investment firm led by the Hinduja brothers, has agreed to acquire a 60% stake in Invesco Asset Management India Ltd to form an asset management joint venture. Other deal terms weren’t disclosed.
Invesco Mutual Fund, which holds about $1.6 trillion in assets under management globally, will retain a 40% stake in the JV. Its Indian arm holds ₹85,393 crore in assets under management.
IIHL, a promoter of India’s fifth-largest private sector lender, IndusInd Bank Ltd, recently concluded a deal to acquire Reliance Capital Ltd and its subsidiaries via a resolution plan approved by the National Companies Law Tribunal. “It was our vision to transform IIHL into a BFSI powerhouse," Ashok Hinduja, chairman, IIHL, said in a statement on Tuesday announcing the joint venture.
IIHL’s investment portfolio includes IndusInd Bank, Sterling Bank and Trust Ltd-Bahamas, capital market assets (Afrinex Exchange Ltd-Mauritius with a cumulative listing of $13.5 billion of underlying securities), and wealth management services (Beryllus Capital-UK, Switzerland and Singapore). Invesco Mutual Fund began operations in India in late 2008 with the acquisition of the mutual fund assets of Lotus India Asset Management Co.Milestone Alert!
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