Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc (PFI) have announced they will form an asset management joint venture.
DHFL will acquire a 50-per cent stake in Pramerica Asset Managers Pvt. Ltd., PFI's asset management business in India.
Last year, DHFL and PFI jointly entered the life insurance segment and set up joint venture, DHFL Pramerica Life Insurance Company.
Under the terms of the new asset management joint venture agreement, DHFL and PFI will own 50 per cent of the business and the joint venture will be renamed DHFL Pramerica Asset Managers Pvt. Ltd, following regulatory approvals and closure of the transaction.
DHFL is India's second largest private housing finance company
"I am pleased that DHFL's relationship with Pramerica is being further strengthened, with the forging of our joint venture partnership in the asset management business," said Kapil Wadhawan, chairman and managing director, DHFL, said,". "We shall now be able to provide quality asset management products and solutions, specially designed for the low and middle income customers.''
Glen Baptist, president, Pramerica International Investments, said, ''DHFL's distribution network will enhance our ability to offer a broader array of products and services to a wider range of customers and clients.''