Goldman Sachs closer to selling Indian asset management business
Goldman Sachs' sale of its Indian onshore asset management business to Reliance Capital Asset Management for $37.5m, in a deal that was first announced in October, is moving closer to completion, after Reliance reports that the transaction has now been granted regulatory approval by the Competition Commission of India (CCI). The boards of both companies have already approved the deal, and the only approval that remains outstanding is that of the Securities and Exchange Board of India (SEBI).

January 06, 2016 12:00 am | Updated September 22, 2016 10:17 pm IST - Mumbai:

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.

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