Capital market regulator SEBI has approved Hinduja Group's IndusInd International Holdings Ltd.'s acquisition of Invesco AMC's portfolio management services business.
This approval marks a significant milestone in IIHL's planned acquisition of 60% stake in Invesco AMC, with only one final regulatory approval remaining.
IIHL's application for sponsor approval from the Securities and Exchange Board of India is still in process. Upon receipt of this approval, IIHL will finalize the transaction.
The Competition Commission of India has already approved IIHL's acquisition of 60% shareholding in both Invesco Asset Management India Pvt. and Invesco Trustee Pvt.
The acquisition will be managed through a wholly-owned subsidiary of IIHL. Previously, IIHL successfully acquired Reliance Capital Ltd. and its subsidiaries, covering various financial sectors, with its resolution plan approved by the National Company Law Tribunal.
This deal will allow Invesco to expand its reach into more Indian cities, leveraging IIHL's strong domestic presence.
Invesco Asset Management, which started operations in India in 2008, serves over 1.6 million retail investors and has a significant presence with assets under management totaling Rs 85,393 crore as of March 31, 2024.
It is the fifth largest foreign asset manager and 17th largest domestic asset manager in India, operating across 40 cities.
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