Hinduja Group's IIHL and Invesco Forge JV in Indian Asset Management

10 Apr 2024 , 11:42 AM

IndusInd International Holdings Limited (IIHL), a Mauritius-based investment holding company backed by the Hinduja Group, and Invesco Ltd have agreed to form a joint venture.

IIHL will acquire a 60% stake in Invesco Asset Management India Limited (IAMI), the Indian arm of Invesco Ltd, a global investment management firm with over $1.6 trillion in assets under management.

Invesco will retain a 40% stake in the newly-formed JV, and both IIHL and Invesco will have sponsor status.

IAMI ranks as the fifth largest foreign asset manager and the 17th largest domestic asset manager in India, with combined onshore and offshore assets under management of ₹853.93 billion as of March 31, 2024.

IIHL, the promoter entity of IndusInd Bank, aims to transform into a BFSI powerhouse. It recently gained approval for the acquisition of Reliance Capital Ltd. and its subsidiaries, and is in the process of implementing the resolution plan.

Ashok Hinduja, Chairman of IIHL, expressed the vision to serve investors transparently and efficiently, aligning with the motto “mutual fund sahi hai.”

IAMI commenced operations in India in 2008 and has grown to serve over 1.6 million retail investor folios and over 39,000 empanelled distributors, with over 70% of its assets under management in equity and equity-oriented assets.

The Hinduja Group is a major Indian conglomerate operating across eleven sectors. Its business interests span automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, infrastructure project development, media and entertainment, power, and real estate.

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