Groww among bidders for Prudential’s India asset management firm

Prudential Financial’s India asset manager has received offers from at least two local bidders, according to people with knowledge of the matter.

State Street Investment Management-backed Groww Asset Management and Edelweiss Asset Management have placed bids for PGIM India Asset Management, the people said, asking to remain anonymous as the information is private.

PGIM is looking to sell its loss-making India asset management unit after seeing little meaningful expansion since it acquired the business from Deutsche Bank AG a decade ago. Negotiations are ongoing and a deal hasn’t been finalized, the people said.