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Reliance Capital’s arm gets nod to buy Goldman Sachs' onshore business in India

06 Jan 2016 Evaluate

Reliance Capital Asset Management (RCAM), a part of Anil Ambani-led Reliance Capital, has received the stamp of approval from the Competition Commission of India (CCI) for acquiring Goldman Sachs's onshore business in India like mutual funds and exchange-traded funds. The company had announced this acquisition in October last year at a price of Rs 243 crore ($ 37.5 million) in cash. Under the deal, RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of Rs 7,132 crore. The fair trade regulator has approved the acquisition as the deal may not have an adverse impact on competition in India. The company has also applied to the Securities and Exchange Board of India for approval on the same acquisition.

Reliance Capital is a systemically important non-deposit taking NBFC. The company is part of the Reliance group led by Anil Dhirubhai Ambani. It currently operates as the holding company for the group’s entities in the financial services sector.

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