Mumbai: UTI Asset Management, the country’s most profitable mutual fund firm, hopes to sell up to 26% stake by March as it seeks to access global markets and strengthen its domestic operations, a top executive said on Tuesday.
Chief marketing officer Jaideep Bhattacharya said UTI was in talks with four foreign firms and one domestic player and would “most probably” choose one of them for the stake sale.
He declined to give the names of the firms and said a decision on valuation would be taken by the end of January or early February.
Indian newspapers have named US firm T Rowe Price, Japan’s Shinsei Bank and Vanguard Mutual Fund among those interested in UTI, which is India’s oldest mutual fund.
“We are hopeful to close the deal by March,” Bhattacharya said, where he was opening the firm’s 100th branch.
UTI is interested in a player that could give it access to the international market, he said.
In July 2008, UTI Asset Management put off plans for a $480 million initial public offer due to falling stock markets. It had aimed to offer a 49% stake through the sale by its founders and a fresh issue of shares.