Don't want to miss the best from Business Standard?
(Reuters) - BlackRock Inc on Monday agreed to sell its 40 percent interest in DSP BlackRock, which manages a range of co-branded mutual funds in India, to the DSP Group.
DSP BlackRock is a joint venture between the DSP Group, one of the oldest financial firms in India, and BlackRock, one of the biggest asset managers in the world.
DSP owns the remaining 60 percent in DSP BlackRock.
BlackRock said it sold its stake in the joint venture because it could not integrate DSP BlackRock onto its technology and operating platform since it was a minority stakeholder.
"However, India remains a strategic market for BlackRock globally," said Anthony Arthur, a spokesperson for BlackRock.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app