Reliance Capital Asset Management agreed to acquire Goldman Sachs Asset Management's business in India, said Reliance spokesman Sharad Goel.
RCAM will pay 2.43 billion rupees ($37.5 million) in cash to acquire all mutual fund strategies, including exchange-traded funds, of GSAM India. The transaction is expected to close by the end of this fiscal year, subject to regulatory approvals.
Also as part of the deal, Reliance will offer employment to substantially all of GSAM India's employees working on the ETF business.
RCAM managed 2.549 trillion rupees as of Sept. 30; GSAM India managed 71.7 billion rupees as of the same date.