Invesco to Acquire 49% Stake in Religare Asset Management Unit

Invesco Ltd is set to buy a 49% stake in the asset management unit of India's Religare Enterprises Ltd, controlled by billionaire brothers Malvinder and Shivinder Singh, for about Rs 450 crore ($84 million).

While India's crowded mutual fund industry is facing headwinds in the near term because of new regulations and rising competition, some foreign asset managers such as Japan's Nippon Life Insurance Co are betting on long-term gains in India.