The IDBI board today gave an in-principle nod to sell its 50 per cent holding in IDBI-Principal Asset Management Company.
Negotiations with the joint venture partner, the Principal Financial Group, will now commence, senior IDBI executives said. Both the parties have already completed the valuation exercise independently.
IDBI Principal AMC is 50:50 joint venture between IDBI and Principal. The US arm many not acquire the entire 50 per cent holding from IDBI in the joint venture. It would most likely look at an additional 25 per cent stake taking its holding to 75 per cent.
When asked on the development, IDBI Principal CEO and managing director Sanjay Sachdev declined to comment.
The plan to hold 75 per cent stake
