BlackRock Inc., the world’s largest asset manager, and Anil Ambani-controlled Reliance Nippon Life Asset Management Ltd are front runners to buy IDFC Asset Management Co. Ltd, two people directly aware of the development said.
The first round of bidding for IDFC Mutual Fund, which manages Rs70,000 crore worth of assets, happened on Tuesday, with Reliance Mutual Fund and BlackRock emerging as top bidders, the people said, requesting anonymity.
If Reliance AMC acquires IDFC Mutual Fund, the Anil Ambani-controlled company will become the country’s largest asset management company with combined assets of around Rs3.15 trillion. On the other hand, the acquisition will help BlackRock maintain its presence in India after exiting a mutual fund joint venture with DSP Group on Monday.
