TVS Venu Group has signed binding agreements to take over Prudential Financials’ full holding in PGIM India Asset Management and PGIM India Trustees.
The transaction is being carried out through TVS Venu Management and Consultancy Services and related entities and will close after required regulatory clearances and other standard conditions are met.
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PGIM India operates as part of PGIM, the investment management arm of the US-based Prudential Financial.
The firm provides equity, fixed income and multi-asset strategies for retail and institutional clients. It reported assets under management of more than Rs 300bn ($3.3bn) as of the end of December.
As of the end of March, PGIM India oversaw 25 open-ended mutual fund schemes in India, and also offers alternative investment funds, portfolio management services and offshore advisory.
Advisory roles on the deal included Khaitan & Co for TVS Venu Group and Shardul Amarchand Mangaldas & Co for Prudential Financial Inc. Ernst & Young acted as exclusive M&A advisor to Prudential Financial.
PGIM India’s current structure followed a 2019 transaction in which Prudential Global Investment Managers acquired the 50% stake previously held by joint venture partner DHFL.
The fund house, earlier called DHFL Pramerica Asset Managers, was later renamed PGIM India Mutual Fund.
