March 14, 2012 / 3:37 AM / 6 years ago

Schroders in talks for stake in India's Axis AMC: report

(Reuters) - Schroders Plc (SDR.L) is in talks to acquire an almost 30 percent stake in India’s Axis Asset Management in a deal worth around 1.3 billion rupees ($26 million), two Indian newspapers reported on Wednesday citing unnamed sources.

A senior management team from the London-listed company, which manages assets worth around $290 billion, will visit Mumbai next week to finalize the deal with the mutual fund founded by Axis Bank (AXBK.NS), the Business Standard reported.

A spokesman for Axis or Schroders could not be reached by Reuters.

The acquisition would allow Schroders to sell its products in India, and grant Axis access to the London-listed company’s global network.

Schroders had applied to Indian regulators for permission to set up a mutual fund business and received a license last year, the Economic Times said.

($1 = 49.9250 Indian rupees)

Reporting by Henry Foy in MUMBAI; Editing by Ranjit Gangadharan

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