Reliance Capital Asset Management, part of the Anil Ambani-led group, on Tuesday said it has got the Competition Commission of India’s (CCI) nod for acquiring Goldman Sachs’s onshore business in India like mutual funds and exchange-traded funds.
In October, Reliance Capital Asset Management had said it is acquiring Goldman Sachs’s onshore asset management business for Rs 243 crore ($37.5 million) in an all-cash deal.
The boards of both the companies have approved the transaction.
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Reliance Capital Asset Management has also applied to the Securities and Exchange Board of India for approval of the acquisition.
According to Reliance Capital Asset Management, it is the country’s largest asset manager, managing assets over Rs 54,517 crore ($39.15 billion) across various funds, schemes, and managed accounts.
Goldman Sachs Asset Management (India) recorded an average asset under management of Rs 7,132 crore ($1.1 billion) as of September 30, 2015. — IANS
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