Fidelity in talks to sell India mutual fund biz: Report

Jan 30, 2012 |

Reuters

mumbai

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Fidelity Investments is in talks to sell its India mutual fund business, a report on the Economic Times website said citing a person with direct knowledge of the development.

Fidelity is seeking a valuation of Rs 10 billion for the asset management arm, the report said, adding the assets may attract interest from a large number of fund houses including Goldman Sachs Asset Management Company.

A spokesman for Fidelity Investment's asset management arm in India did not immediately respond to a mail from Reuters seeking comment.

Fidelity started operations in India in 2004 and managed assets worth about Rs 90 billion as of end 2011, the report said citing data from the Association of Mutual Funds of India.

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