On October 21, 2015, Reliance Capital Asset Management announced that it had entered into an agreement to acquire Goldman Sachs Asset Management’s onshore business in India.
Reliance Capital Asset Management (“Reliance Capital”) will pay a total cash sum of Rs 243 crore (US $37.5 million) to acquire all of Goldman Sachs Asset Management India’s (“GSAM India”) onshore mutual fund schemes. The transaction has been approved by the Boards of both companies.
GSAM India manages 12 mutual fund schemes and is currently the largest ETF provider in India. Reliance Capital is the largest asset manager in India with Rs 2,54,517 crore (US $39.1 billion) in assets under management as of September 30, 2015.
The transaction is expected to close in 2015, subject to regulatory approvals.
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