Prudential, a UK-based insurance and asset management company, is exploring a listing of its Indian asset management joint venture (JV) with ICICI Bank.
This would involve a partial divestment of its stake in the JV, ICICI Prudential Asset Management, contingent on market conditions and necessary approvals.
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The company aims to return the net proceeds from this sale to its shareholders and will provide further updates in due course.
Prudential sees “compelling” scope for growth in India, which it referred to as a “strategically important market”.
The company also highlighted its commitment to continue assessing opportunities to expand its businesses in the country.
ICICI Bank said: “We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment.”
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By GlobalDataICICI Prudential Asset Management provides various mutual fund products in India, with ICICI Bank owning a 51% interest in the JV and Prudential owning the remaining 49% stake.
Prudential operates across 24 markets in Asia and Africa, offering life and health insurance as well as asset management services.
In December 2024, Bloomberg reported that Prudential is considering the sale of a nearly 30% stake in its asset management unit, Eastspring Investments.
Citing sources, the news agency further said that a potential sale could value Eastspring at approximately $3bn, while stressing that deliberations are at a preliminary stage and no final decisions have been made.
