Small BusinessDLF exits venture with Prudential Financial
DLF Ltd has exited its asset management joint venture with US based Prudential Financial Inc (PFI), the real-estate firm said in a filing with the Bombay Stick Exchange on January 23.
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The statement said the AMC will now be renamed Pramerica Asset Managers Pvt Ltd and will be entirely owned by PFI"s sponsor group. PFI had received an in-principle approval from Sebi in 2008 to set up a mutual fund in India.
The statement added taht DLF"s decision to exit was triggered due to changes by Sebi in its evaluation criteria for granting approval to the joint venture mutual fund to commence business. The criteria required DLF to have a five-year track record in the financuial services business.
The statement further said the decision does not affect DLF Pramerica Life Insurance Company Ltd, a joint venture between the real estate firm, Prudential International Insurance Holdiings Ltd (a fully owned subsidiary of PFI).