Sebi Approves IIHL Acquisition of Invesco AMC PMS Business Unit

02 Sep, 2024

Sebi Approves IIHL Acquisition of Invesco AMC PMS Business Unit

Capital market regulator Sebi has approved Hinduja Group's IndusInd International Holdings (IIHL) for acquiring the portfolio management services business of Invesco AMC. This approval represents a key step in IIHL’s 60 percent acquisition of Invesco AMC, with only one final regulatory approval pending before the transaction's completion. An application for the Securities and Exchange Board of India's sponsor approval for IIHL is currently in progress, and once approved, IIHL will finalize the acquisition. The Competition Commission of India (CCI) has already consented to IIHL's acquisition of 60 percent stakes in both Invesco Asset Management (India) Pvt Ltd and Invesco Trustee Pvt Ltd.

IIHL plans to hold this investment through its wholly-owned subsidiary. Previously, IIHL successfully bid for Reliance Capital Ltd and its subsidiaries, which include businesses in life insurance, health, general insurance, asset reconstruction, research, and securities broking. The National Company Law Tribunal has approved IIHL’s resolution plan.

Invesco Asset Management, which started its India operations in 2008 with the acquisition of Lotus India Asset Management Company, serves over 1.6 million retail investor folios and 39,000 distributors as of April. It ranks as the 5th largest foreign asset manager and the 17th largest domestic asset manager in India, with assets under management of Rs 85,393 crore as of March 31, 2024, and a presence in 40 Indian cities.