Reliance capital gets CCI nod to acquire Goldman Sach’s fund arm

rcap_2592547fReliance Capital Asset Management (RCAM) has received nod from Competition Commission of India (CCI) to acquire Goldman Sachs’s mutual funds and exchange-traded funds business in India.

This approval comes after the boards of both the companies had approved the acquisition transaction. Now RCAM needs to get final nod of the Securities and Exchange Board of India (SEBI) to complete the takeover.

Under the acquisition deal, RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management (GSAM) India with total asset under management of 7132 crore rupees.

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