TVS Venu Group, a diversified conglomerate with interests spanning automotive, financial services, and real estate, has entered the ₹83.43 lakh crore mutual fund asset management industry. The company on Thursday said it has signed definitive agreements to acquire Prudential Financial Inc.’s 100% stake in PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd. The acquisition is being carried out through TVS Venu Management and Consultancy Services and its affiliates. Financial details of the transaction were not disclosed.
PGIM India Asset Management is the investment manager of PGIM India Mutual Fund and offers a range of equity, fixed income, and multi-asset solutions to retail and institutional investors across the country. It is a wholly owned business of PGIM, the global investment management arm of US-based Prudential Financial Inc. PGIM India manages 25 open-ended mutual fund schemes as of March 2026 and also offers alternative investment funds, portfolio management services, and offshore advisory. The company manages over ₹30,000 crore in assets as of December 31, 2025.
The transaction is subject to regulatory approvals and customary closing conditions.
Last month, Bloomberg reported that Groww Asset Management, backed by State Street Investment Management, and Edelweiss Asset Management had each submitted bids for PGIM India Asset Management, citing unnamed sources. The report also said that EY had been appointed to advise on the potential sale.