Pramerica Mutual Fund is set to acquire the India assets of Deutsche Asset Management Company (Deutsche AMC) for INR4bn ($62.38m).
Indian private sector lender YES Bank too was in the race to acquire the business, but lost the deal as it could not beat the offer made by Pramerica, local media reports suggest.
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Deutsche AMC managed nearly INR224bn as of 31 March 2015. According to Reuters, post acquisition Pramerica will become 13th largest fund house in India.
The latest deal will mark the fifth exit by a foreign fund house from India over the last two years.
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