IndusInd Bank parent to acquire 60% stake in Invesco India Asset Management

IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment holding company of the Hinduja Group, has entered into a definitive agreement to acquire a 60% stake in Invesco Asset Management India Ltd. (IAMI) for an undisclosed amount.

IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment holding company of the Hinduja Group, has entered into a definitive agreement to acquire a 60% stake in Invesco Asset Management India Ltd. (IAMI) for an undisclosed amount.

Saurabh Nanavati, CEO, IAMI will continue to lead the new JV along with the existing management team.

IAMI is the Indian arm of Invesco Ltd. which has over $1.6 trillion in assets under management globally. IIHL is the promoter entity of IndusInd Bank. Invesco will retain a 40% stake in the newly-formed JV, and both IIHL and Invesco will have sponsor status, both the entities said in a joint statement.

IAMI has combined onshore and offshore advisory and assets under management of ₹85,393 crore as of March 31, 2024, and a presence in 40 cities in India.

Ashok Hinduja, Chairman, IIHL said, “It was our vision to transform IIHL into a BFSI powerhouse. We are very delighted to team up with Invesco to usher India’s Asset Management industry into a transformational innovation era.”

“This is the most opportune time when India on the back of rising prosperity, investor confidence, and favourable demographics offers enormous prospects,” said Moses Harding, CEO, IIHL.

“With IIHL [we will] to continue to expand distribution of our high quality, global and domestic investment capabilities to serve more domestic investors in such an important market,” said Andrew Lo, Senior Managing Director and CEO, Invesco Asia Pacific. “We are committed to serving our clients’ needs across India and maintaining our significant presence in Hyderabad as well.”