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.

Reliance Capital Asset Management (RCAM) has announced to takeover global giant Goldman Sachs’ mutual fund business in India.

It is first ever acquisition RCAM and will be acquired for 243 crore rupees in an all-cash deal.

Under this 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.

This acquisition will make RCAM a sole exclusive fund manager of Union Government’s ambitious Central Public Sector Enterprises (CPSE) Exchange Traded Fund.

RCAM’s is subsidiary of Reliance Capital which in turn is financial services arm of business conglomerate Reliance Group. It is also present in insurance, brokerage and wealth management