Reported By:
| Edited By: |Source: Reuters |Updated: Mar 17, 2018, 04:11 AM IST
Mukesh Ambani, who controls energy major Reliance Industries, is in talks to buy a majority stake in JM Financial Asset Management that oversees $1.8 billion in assets, a source with direct knowledge of the situation said on Monday.
The talks are in early stages and the terms of the deal have not been finalised yet, said the source, who could not be identified as he was not authorised to speak to the media.
The source said the deal value could be 8% of the assets under management at the unit of financial services firm JM Financial, backing a report in the Mint newspaper.
JM Financial Asset Management denied the selloff plans.
"There is no truth in this. JM Financial mutual fund forms an important part in the JM Financial Group portfolio and we remain focused and committed towards growing this business," JM Financial Asset Management CEO Bhanu Katoch told Reuters.
Energy major Reliance Industries, the flagship of Mukesh Ambani, declined to comment.
Ambani had ended a non-compete pact with younger brother Anil earlier this month, which frees Mukesh to invest where ever he sees opportunity, with financial services, power and infrastructure on his target list.
