Reliance Capital Asset Management, part of the Anil Ambani-led group, said it has got the Competition Commission of India’s (CCI) nod for acquiring Goldman Sachs’s onshore business in India like mutual funds and exchange-traded funds. In October 2015, Reliance Capital Asset Management had said it is acquiring Goldman Sachs’s onshore asset management business for Rs 243 crore ($37.5 million) in an all-cash deal.

The boards of both the companies have approved the transaction. Reliance Capital Asset Management has also applied to the Securities and Exchange Board of India for approval of the acquisition. According to Reliance Capital Asset Management, it is the country’s largest asset manager, managing assets over Rs 54,517 crore ($39.15 billion) across various funds, schemes, and managed accounts.

Did You Know???

• Dhirajlal Hirachand Ambani (1932 – 2002) was born in a Modh family in Gujarat. His father, Hirachand Gordhandhas Ambani, was a school teacher.
• In 1977, Dhirubhai started his first textile mill in Naroda, Ahemdabad. His brand ‘Vimal’ was named after his nephew, Vimal Ambani.
• Dhirubhai (as he came to be known) first ventured into entrepreneurial territory by selling bhajias to pilgrims at Mount Girnar.
• On June 24, 2002, Dhirubhai suffered a second stroke. One in 1986 had left his right hand paralyzed. He was in a coma for more than a week and then died on June 6.