Invesco Mutual Fund gets Sebi nod to transfer 60% stake to Hinduja's IIHL

Invesco Mutual Fund has received market regulator Sebi approval to transfer a controlling 60 per cent stake to IndusInd International Holdings Ltd (IIHL), according to sources.

The Securities and Exchange Board of India (Sebi) has recently provided all approvals to the pending applications by Invesco India for a change in control of Invesco AMC, Invesco Trustee Company and to the PMS business, they added.

According to sources, Sebi has also approved the appointment of directors on the board of the Invesco Trustee Company.

The Competition Commission of India (CCI) had approved the acquisition of shareholding in each of Invesco Asset Management (India) Private Ltd and Invesco Trustee Private Ltd by Hinduja Group's firm IIHL in August 2024.

The proposed combination pertains to the acquisition of 60 per cent shareholding in each of Invesco Asset Management (India) Private Ltd (Invesco AMC) and Invesco Trustee Private Ltd (Invesco Trustee) by IIHL.

IIHL will be holding the investment through its wholly-owned and controlled subsidiary, IIHL AMC Holdings Limited (IIHL AMC), which has been incorporated specifically for the purposes of the proposed combination.

IIHL is a global business (Category 1) licensee company incorporated in Mauritius. The principal activity of IIHL is investment holding, whereby it holds shares in different companies spread across sectors.

Invesco Trustee and Invesco AMC are the trustee company and asset management firm, respectively, of Invesco Mutual Fund and are duly approved by Sebi under the provisions of the SEBI (Mutual Funds) Regulations, 1996.

Invesco AMC is also registered as a portfolio manager under the SEBI (Portfolio Managers) Regulations, 2020.

Earlier this year, IIHL acquired debt-ridden Reliance Capital Ltd and its subsidiaries that operate in the life insurance, health and general insurance sectors and asset reconstruction, research and securities broking.

The acquisition took place in May 2025, following the NCLT approval of IIHL's resolution plan.

IIHL's ownership will benefit Invesco to expand into more Indian cities and towns due to the presence of a strong domestic partner.

Invesco Asset Management began its India operations in 2008 with the acquisition of Lotus India Asset Management Company.

Since then, it has grown to serve over 1.6 million retail investor folios and over 39,000 empanelled distributors as of April, with over 70 per cent of its assets under management in equity and equity-oriented assets.

It is the fifth-largest foreign asset manager and the 17th largest domestic asset manager in India, with combined onshore and offshore advisory and assets under management of Rs 85,393 crore as of March 31, 2024, and a presence in 40 cities across the country.