IndusInd International Holdings (IIHL), a Mauritius-based investment holding company promoted by the Hinduja Group, is in talks with Standard Chartered Bank and other credit funds to raise around ₹800 crore to acquire a 60% stake in Invesco Asset Management (India). The acquisition is being done through IIHL’s wholly-owned subsidiary, IIHL AMC Holdings. While the Competition Commission of India has already approved the deal, the fundraising process is contingent on regulatory approval from the Securities and Exchange Board of India (Sebi). The company is seeking to raise ₹600-800 crore and is targeting a borrowing rate of 11-12%. A spokesperson for Standard Chartered Bank declined to comment, while a Hinduja spokesperson did not respond to a request for comment.
The acquisition will bolster IIHL’s presence in the mutual fund sector, which it entered in April 2024 with this deal. The transaction is nearing completion, and Invesco Trustee and Invesco AMC, which oversee Invesco Mutual Fund, have already received Sebi approval. Invesco Asset Management (India) reported an average asset base of ₹1,28,676 crore for the quarter ending December 2024, including mutual funds, portfolio management services, and offshore advisory. The fundraising process is expected to be challenging, with the company needing to secure Sebi’s final approval before proceeding. The outcome of the talks is uncertain, but the deal has significant implications for the Indian mutual fund sector.