Religare, with the sale of its controlling 51 percent stake in Religare Invesco AMC to the foreign partner Invesco, decides to exit the mutual fund business.

The exact reasons for the sale has not been disclosed Religare.

Invesco’s Senior Managing Director and Head of Asia Pacific Andrew Lo said that it would further deepen its presence in India by taking full ownership of this business.

Religare held 51 percent in the JV while Invesco currently has 49 percent ownership.

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