Mumbai, Nov 11 (UNI) DLF Pramerica Mutual Fund, the joint venture between Prudential Financial Inc (PFI) of the United States and real estate company DLF, has got in-principle approval from the Securities and Exchange Board of India (SEBI) to start asset management operations in India.
DLF Pramerica Mutual Fund is a sub-brand under the umbrella brand of DLF Pramerica. Pramerica is the brand name used by PFI in India and select countries outside the United States, a release issued by DLF Pharmerica said.
Under the terms of the agreement, PFI will be the majority shareholder in the JV with 61 per cent interest, while DLF will own the remaining 39 per cent. The partners will invest USD 45 million over the next few years in this company.
The planned JV will be based in the metropolis and will provide a full range of mutual fund and investment products, including domestic and eventually international mutual funds, to Indian retail and institutional clients.
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