Dewan Housing Finance Corporation Limited (DHFL) is acquiring 50% stake in US-based Prudential Financial’s asset management arm in India, Pramerica Asset Managers, to form an asset management joint venture company.

Each company will own 50% of the joint venture business.

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The joint venture will be dubbed DHFL Pramerica Asset Managers, after regulatory approvals and closure of the transaction.

Kapil Wadhawan, DHFL chairman and MD said, "We shall now be able to provide quality asset management products and solutions, specially designed for the low and middle income customers. I believe that we can significantly enhance financial inclusion and wealth building at the grassroots level by distributing these products through DHFL’s wide network."

DHFL and Prudential Financial also formed a life insurance joint venture last year, named DHFL Pramerica Life Insurance Company, to cater to life insurance needs of customers in India.

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