Reliance Capital Asset Management has received nod from Competition Commission of India to acquire Goldman Sachs’s mutual funds and exchange-traded funds business in India.
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.
US based Goldman Sachs had entered the Indian mutual fund industry in 2011 with acquisition of Benchmark Mutual Fund for 120 crore rupees.
RCAM’s is subsidiary of Reliance Capital which in turn is financial services arm of business conglomerate Reliance Group led by Anil Ambani.
Reliance Capital is also present in insurance, brokerage and wealth management among other areas.