New Delhi: Dewan Housing Finance Corporation Limited (DHFL) on Tuesday said it has acquired a 50 per cent stake in Pramerica Asset Managers, US-based Prudential Financial's asset management business in India, for an undisclosed amount.
DHFL and Prudential Financial have agreed to form an asset management joint venture in India, wherein each company will own 50 per cent of the business.
"We shall now be able to provide quality asset management products and solutions, specially designed for the low and middle income customers," DHFL chairman and managing director Kapil Wadhawan said.
"I believe that we can significantly enhance financial inclusion and wealth building at the grassroots level by distributing these products through DHFL's wide network," Mr Wadhawan added.
The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt Ltd, following regulatory approvals and closure of the transaction, a company release said.
"We are pleased to form this partnership with DHFL, bringing together PFI's expertise in investment management as a top 10 global asset manager, and DHFL's local market knowledge and distribution network, to position our business in India for success over the long term," Pramerica International Investments president Glen Baptist said.
Last year, DHFL and PFI joined hands to create a life insurance joint venture, DHFL Pramerica Life Insurance Company, which serves the life insurance needs of customers across cities and towns in India.
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