IndusInd International Holdings to acquire 60% of Invesco’s Subsidiary
A Mauritius-based Investment Firm, IndusInd International Holdings Ltd. (IIHL) led by the Hinduja brothers said that the company is entered into an asset management joint venture with Invesco Ltd, which is an Atlanta-based fund management group to capitalize on the country’s growing equity investment trend, particularly through mutual funds.
Private lender IndusInd Bank’s promoters will buy a 60% stake in the Indian subsidiary of global asset management company – Invesco. Both the company notified this without announcing the deal’s value on Tuesday.
The 5th largest foreign asset manager with assets under management worth 853.93 billion rupees as of 31st March 2024, will retain a 40% stake in Invesco Asset Management India after the deal. The asset management joint venture is subject to Sebi’s approval.
The CEO of IndusInd International Holdings Ltd (IIHL) said that this partnership emerged at an “appropriate time” with India’s “growing prosperity, trust in investors, and attractive demographics” giving great opportunities.
IIHL is a Mauritius promoter-based entity belonging to the Hinduja Group.
Invesco Asset Management India CEO Saurabh Nanavati said, “A powerful domestic partner will boost the opportunity to reach to more Indian cities and towns, which encourages industry growth.”
IIHL’s distribution network, which includes at least 11,000 touch points across India, as well as the 45 million customers Hinduja-led group will benefit the mutual fund business of Invesco.
