State Street Investment Management-backed Groww Asset Management and Edelweiss Asset Management have placed bids for PGIM India Asset Management, the people said, asking to remain anonymous as the information is private.
PGIM is looking to sell its loss-making India asset management unit after seeing little meaningful expansion since it acquired the business from Deutsche Bank AG a decade ago. Negotiations are ongoing and a deal hasn’t been finalized, the people said.
PGIM declined to comment while, Groww AMC and Edelweiss AMC did not respond to a request for comment.
Global asset managers are investing in India to take advantage of its ongoing equity boom. State Street Investment Management picked up a minority stake in Groww AMC earlier this month. Similarly, Westbridge Capital bought a stake in Edelweiss AMC in August while Johannesburg-based Sanlam Emerging Markets (Mauritius) Ltd. acquired a stake in Shriram AMC in May.
PGIM has assets across fixed income, equity, alternatives and real estate. PGIM’s after-tax losses in India rose to more than 235 million rupees ($2.6 million) in the year ended March 2025, according to its annual report.
