Luthra & Luthra advises on RCAM’s acquisition of GS Mutual Fund
Earlier this week, Reliance Mutual Fund through its asset manager, Reliance Capital Asset Management Company agreed to acquire the schemes of Goldman Sachs Mutual Fund. The deal consideration was USD 37.5 million (approx INR 243 crores) and is expected to close by March 31, 2016.
Upon closure, Reliance shall become India’s largest Exchange Traded Fund and have a majority market share in Gold schemes also. The deal also assists Reliance in posting a direct challenge to the second position in the mutual fund business in India.
Avinash Subramanian, Devangshu Nath and Harsh Khemka (Associates) worked with Bikash Jhawar (Partner) on SEBI related matters, corporate diligence, documentation and negotiation; while G. R. Bhatia (Partner), Abdullah Hussain (Partner), Kanika Chaudhary Nayar (Managing Associate), Deeksha Manchanda (Senior Associate) and Jahnavi Mitra (Associate) advised on competition related matters.