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Religare Enterprises closes sale of asset management JVs to Invesco

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Religare Enterprises closes sale of asset management JVs to Invesco

ReligareEnterprises Ltd. completed the sale of its asset management joint ventures to partnerInvesco Ltd. for 5.31billion rupees.

As part of the deal, the Indian company sold its remaining51% stake in Religare Invesco Asset Management Co. Pvt. Ltd. and ReligareInvesco Trustee Co. Pvt. Ltd. The transaction closed April 7 following thereceipt of all required regulatory approvals.

Invesco acquired a stake in the asset management firms in 2013with an option to buy the remaining shares at a later date.

In 2015, Religare Enterprises had also its 44% stake in insurance jointventure AEGON Religare Life Insurance Co. Ltd. to partner .

As of April 7, US$1was equivalent to 66.66 Indian rupees.