IndusInd Bank parent to acquire 60% stake in Invesco India Asset Management
The Hindu
IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment holding company of the Hinduja Group, has entered into a definitive agreement to acquire a 60% stake in Invesco Asset Management India Ltd. (IAMI) for an undisclosed amount.
IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment holding company of the Hinduja Group, has entered into a definitive agreement to acquire a 60% stake in Invesco Asset Management India Ltd. (IAMI) for an undisclosed amount.
Saurabh Nanavati, CEO, IAMI will continue to lead the new JV along with the existing management team.
IAMI is the Indian arm of Invesco Ltd. which has over $1.6 trillion in assets under management globally. IIHL is the promoter entity of IndusInd Bank. Invesco will retain a 40% stake in the newly-formed JV, and both IIHL and Invesco will have sponsor status, both the entities said in a joint statement.
IAMI has combined onshore and offshore advisory and assets under management of ₹85,393 crore as of March 31, 2024, and a presence in 40 cities in India.
Ashok Hinduja, Chairman, IIHL said, “It was our vision to transform IIHL into a BFSI powerhouse. We are very delighted to team up with Invesco to usher India’s Asset Management industry into a transformational innovation era.”
“This is the most opportune time when India on the back of rising prosperity, investor confidence, and favourable demographics offers enormous prospects,” said Moses Harding, CEO, IIHL.
“With IIHL [we will] to continue to expand distribution of our high quality, global and domestic investment capabilities to serve more domestic investors in such an important market,” said Andrew Lo, Senior Managing Director and CEO, Invesco Asia Pacific. “We are committed to serving our clients’ needs across India and maintaining our significant presence in Hyderabad as well.”
Swiggy shares drop 8% to record low due to wider loss from quick commerce expansion against Zomato.
Sensex and Nifty trade lower amid RBI caution, foreign fund outflows; market awaits rate cut decision.
Rupee hits record low against U.S. dollar on anticipation of RBI rate cut, weak economic data, and foreign fund outflows.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.