Prudential Financial’s asset management business in India has received acquisition proposals from at least two domestic firms, reported Bloomberg citing sources.
Groww Asset Management, backed by State Street Investment Management, and Edelweiss Asset Management have each submitted bids for PGIM India Asset Management, the unnamed sources said.
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These individuals noted that discussions are still in progress and no agreement has been reached.
Earlier this month, Bloomberg reported that PGIM is considering the divestment of its Indian unit, which has reported losses and limited expansion since being acquired from Deutsche Bank almost ten years ago.
That report further indicated that EY has been appointed to advise on the possible sale.
PGIM India currently manages assets valued at about Rs 266bn ($3bn), but the business has struggled to achieve growth in recent times, sources added.
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By GlobalDataWhen approached for comment, PGIM declined to respond.
Groww AMC and Edelweiss AMC did not provide comments either.
Asset management firms from around the world have been increasing their presence in India.
Earlier this month, State Street Investment Management acquired a minority stake in Groww AMC.
Westbridge Capital took a stake in Edelweiss AMC in August, while Sanlam Emerging Markets (Mauritius) bought into Shriram AMC in May.
PGIM operates across various asset classes including fixed income, equity, alternatives and property.
As per its latest annual report, after-tax losses for the Indian arm climbed to more than Rs 235m ($2.6m) in the financial year ended March 2025.
