Reliance Asset get nod to buy Goldman Sachs's Indian fund arm

Reliance Capital Asset Management, part of the Anil Ambani-led group, on Tuesday said it has got the Competition Commission of India's nod for acquiring Goldman Sachs's onshore business in India like mutual funds and exchange-traded funds.

In a statement issued here, Reliance Capital Asset Management said it has received approval from the Competition Commission of India's (CCI) for acquiring Goldman Sachs's onshore asset management business in India.

In October, 2015 Reliance Capital Asset Management had said it is acquiring Goldman Sachs's onshore asset management business for Rs.243 crore ($37.5 million) in an all-cash deal.

The boards of both the companies have approved the transaction.

Reliance Capital Asset Management has also applied to Securities and Exchange Board of India (SEBI) for approval of the acquisition.

According to Reliance Capital Asset Management, it is the country's largest asset manager managing assets over Rs.2,54,517 crore ($39.15 billion) across various funds, schemes and managed accounts.

Goldman Sachs Asset Management (India) recorded an average asset under management of Rs.7,132 crore ($1.1 billion) as of September 30, 2015.