Reliance Capital Asset Management (RCAM) has received nod from Competition Commission of India (CCI) to acquire Goldman Sachs’s mutual funds and exchange-traded funds business in India.
This approval comes after the boards of both the companies had approved the acquisition transaction. Now RCAM needs to get final nod of the Securities and Exchange Board of India (SEBI) to complete the takeover.
Under the acquisition deal, RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management (GSAM) India with total asset under management of 7132 crore rupees.
US based Goldman Sachs had entered the Indian mutual fund industry in 2011 with acquisition of Benchmark Mutual Fund for 120 crore rupees.
About Reliance Capital Asset Management (RCAM)
- RCAM’s is subsidiary of Reliance Capital which in turn is financial services arm of business conglomerate Reliance Group led by Anil Ambani.
- It is the country’s largest asset manager and is managing assets over 54,517 crore rupees ($39.15 billion) across various funds, schemes, and managed accounts.
- Presently, it is also present in insurance, brokerage and wealth management among other areas.