IIHL, part of the Hinduja Group, set to acquire 60% stake in Invesco India Asset Management

New Delhi, April 9 (IANS) – IndusInd International Holdings Limited (IIHL) and Invesco Ltd have announced a joint venture agreement, with IIHL acquiring 60% stake in Invesco Asset Management India Limited (IAMI). IAMI is the Indian arm of Invesco Ltd, a global investment management firm with over $1.6 trillion in assets.

IIHL, backed by the Hinduja Group and the promoter entity of IndusInd Bank, will hold 60% stake in the newly-formed JV, while Invesco will retain 40% stake. IAMI is the fifth largest foreign asset manager and 17th largest domestic asset manager in India, with combined assets under management of Rs 853.93 billion.

Founded in 1993 under the leadership of S.P. Hinduja, IIHL is a well-regulated investment holding company in Mauritius. IIHL’s bid for the acquisition of Reliance Capital Ltd. and its subsidiaries was recently approved. Ashok Hinduja, Chairman of IIHL, expressed the vision to transform IIHL into a BFSI powerhouse.

IAMI, which began operations in India in 2008, serves over 1.6 million retail investors and over 39,000 empanelled distributors. With over 70% of its assets under management in equity and equity-oriented assets, IAMI has grown significantly since its establishment. The joint venture aims to strengthen their position in the market and expand their reach to more investors.