US-based Pramerica Financial, a unit of Prudential Financial (PFI), has agreed to purchase Indian housing finance firm DHFL’s holding in their equal stake joint venture DHFL Pramerica Asset Managers (DPAM).

The deal, whose financial terms were not disclosed, is subject to regulatory nod.

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Upon completion of the transaction, DPAM will become a wholly-owned subsidiary of PGIM, the asset management arm of PFI.

PGIM Global Partners CEO Glen Baptist said: “We see tremendous opportunity in the asset management market in India and are very excited to be entering this next phase of growth. Our expanded investment demonstrates our deep commitment to this market and confidence in both our talented leadership team and robust investment process.

“We strongly believe that when combined with the deep expertise and broad capabilities of PGIM, we are well positioned to serve our clients and to strengthen our competitive position in India.”

DHFL and Pramerica formed the joint venture asset management business four years ago.

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DHFL directly owns 17.12% of the interest in the joint venture. It owns the remaining stake through its subsidiary DHFL Advisory & Investments.

In 2016, PGIM acquired Deutsche Bank’s Indian asset management business through DHFL Pramerica Asset Managers.

DHFL chairman and managing director Kapil Wadhawan said: “This is a strategic call by DHFL to focus more on our core business. We firmly believe that this move is in the best interest of all parties and will have a positive outcome for all stakeholders.”