Chennai-based TVS Venu Group has decided to enter the lucrative asset management business. The company on Thursday said that it has entered into definitive agreements, through TVS Venu Management and Consultancy Services Private Limited and its affiliates, to acquire Prudential Financial Inc’s (PFI) 100% stake in PGIM India Asset Management (PGIM India) and PGIM India Trustees Private Limited.
The completion of the transaction is subject to regulatory approvals and other customary closing conditions, TVS Venu Group said in a statement on Thursday. The company has not disclosed the amount it paid for the acquisition.
The PGIM India is a wholly-owned business of PGIM, the global investment management business of US-based PFI. It is a full-service investment manager offering a broad range of equity, fixed income and multi-asset solutions to retail and institutional investors, managing over Rs 30,000 crore of assets as of December 31, 2025.
Khaitan & Co acted as legal adviser to TVS Venu Group and Shardul Amarchand Mangaldas & Co acted as the legal adviser to PFI. Ernst & Young LLP acted as the exclusive M&A adviser to PFI.
The PGIM India manages 25 open-ended mutual funds as of March 2026 and also offers alternative investment funds, portfolio management services, and offshore advisory. The acquisition will give TVS Venu Group access to a full-service investment management platform in India.
Prudential Financial has been exploring a sale of its underperforming India unit--which manages around Rs 27,000 crore in mutual fund assets--for some time. Reports suggest the firm had attracted interest from several players, including fund houses such as Edelweiss MF and Groww. PGIM India Asset Management had reported a loss of Rs 23.5 crore.
The TVS Venu Group is an Indian multinational conglomerate with operations in more than 80 countries, with interests across automotive, financial services and real estate.
The new acquisition in the asset management sector happened days after company patriarch Venu returned as Chairman and MD of TVS Holdings (formerly Sundaram Clayton Ltd).
The Indian mutual fund industry has 51 asset management companies, and has grown rapidly over the past few years with total assets under management (AuM) at Rs 81.5 lakh crore.