L&T Mutual Fund, Axis Mutual, BNP Paribas, Pramerica and Edelweiss are in fray to acquire the Indian asset management business of Dutch financial services giant ING.
With this sale, ING will exit the Indian asset management business.
The business to be sold, which is housed under @INGInvestment, operates mutual fund and portfolio management services divisions.
L&T, which acquired Fidelity’s India assets in March 2012, is anticipated to be frontrunner in the race, while deal is expected to close this month.
ING has an AUM (assets under management) of INR67.2 billion as on 31 December 2013.
In January 2013, ING had sold its stake in Indian insurance venture to JV Partner Exide, while Nomura had acquired ING’s Taiwanese Insurance business.