NU Online News Service, June 25, 2003, 12:25 p.m. EDT – Principal Financial Group Inc., Des Moines, Iowa, says it plans to take full control of IDBI-PRINCIPAL Asset Management Company Ltd., Nariman Point, Mumbai, India.
Principal now owns 50% of the 3-year-old joint venture, and the Industrial Development Bank of India owns the other half.
The Industrial Development Bank has agreed to sell its 50% stake to Principal Financial Group (Mauritius) Ltd., a Principal subsidiary, for the equivalent of $20 million, Principal says.
IDBI-PRINCIPAL opened in February 2000 and has focused on selling retirement-oriented mutual funds and related financial services in India.
The joint venture manages $471 million in assets for 158,500 customers, Principal says.
IDBI-PRINCIPAL funds include three stock funds, six bond funds, two balanced funds and one cash management fund.