Hinduja Group's IIHL To Acquire 60% Stake in Invesco India Asset Management
IndusInd International Holdings Limited (IIHL), a Mauritius-based investment holding company backed by the Hinduja group, and Invesco Ltd have announced to enter into a definitive agreement to form a joint venture which will see IIHL acquire 60% stake in Invesco Asset Management India Limited (IAMI).
 
IAMI is the Indian arm of Invesco Ltd, a leading independent global investment management firm with over US$1.6trn (trillion) in assets under management.
 
IIHL is the promoter entity of IndusInd Bank, the fifth largest private lender in India listed on the BSE and the NSE.
 
Invesco will retain 40% stake in the newly-formed JV, and both IIHL and Invesco will have sponsor status, a statement said.
 
IAMI is the fifth largest foreign asset manager and the 17th largest domestic asset manager in India with combined onshore and offshore advisory and AUMs of Rs853.93bn (billion) as of 31 March 2024, with presence in 40 cities across the country.
 
Founded in 1993 under the leadership of SP Hinduja, IIHL is an investment holding company well regulated by the Financial Service Commission, Mauritius, under a global business licence.
 
IIHL’s bid for the acquisition of Reliance Capital Ltd. and its subsidiaries (life, health & general insurance, asset reconstruction, research & securities broking, etc) was recently approved by the national company law tribunal (NCLT), and it is in the process of concluding the implementation of the resolution plan, the statement said.
 
Ashok Hinduja, chairman, IIHL, said, “It was our vision to transform IIHL into a BFSI powerhouse. We endeavour to reach the ‘last home, last investor’ transparently and efficiently and live up to the investors’ expectation that ‘mutual fund sahi hai’.”
 
IAMI began operations in India in late-2008 with the acquisition of Lotus India Asset Management Company, and has since grown to serve over 1.6mn (million) retail investor folios and over 39,000 empanelled distributors, with over 70% of its AUM in equity and equity-oriented assets.
 
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