CCI clears TVS Group’s acquisition of PGIM India AMC with over ₹30,000 crore AUM; approves Temasek’s Romsons investment
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Fair trade regulator CCI on Tuesday approved Chennai-based TVS Group entities' proposal to acquire PGIM's India asset management business and also cleared Temasek's investment in medical devices maker Romsons Group.
"The proposed combination envisages to acquire 100 per cent of the issued, subscribed and paid-up share capital of the PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd (target entities) by TVS Emerald Ltd and TVS Venu Management and Consultancy Services Pvt Ltd," the regulator said in a release.
TVS Emerald is engaged in the real estate development business in India, while TVS Venu Management and Consultancy Services does not currently have any business activities.
"CCI approves the proposed combination involving acquisition of PGIM India Asset Management Pvt. Ltd. and PGIM India Trustees Pvt Ltd by TVS Emerald Ltd and TVS Venu Management and Consultancy Services Pvt Ltd," the regulator said in a post on X.
PGIM India Asset Management and PGIM India Trustees are engaged in the wealth management business, spanning mutual funds, portfolio management services, alternative investment funds and investment advisory services.
In April 2026, the TVS Venu Group announced that it would acquire PGIM's India asset management business for an undisclosed sum.
The conglomerate present in auto, financial services and real estate businesses has entered into definitive agreements to acquire the India asset management business of the US-headquartered Prudential Financial's 100 per cent stake in PGIM India Asset Management and PGIM India Trustees, according to a statement.
PGIM is a full-service investment manager offering equity, fixed income and multi-asset solutions to retail and institutional investors. It was managing over Rs 30,000 crore of assets as of December 31 last year. The company manages 25 open-ended mutual funds as of March 2026.
In a separate release, the Competition Commission of India (CCI) approved Singapore-based Temasek's proposal to acquire a stake in medical devices manufacturer Romsons Group.
"The proposed combination entails an internal restructuring by Romsons Group Pvt Ltd (target) group and subscription to certain compulsorily convertible preference shares and acquisition of certain equity share capital of the target by Jongsong Investments Pte Ltd," CCI said.
Jongsong Investments is an investment holding company and an indirect wholly-owned subsidiary of Temasek Holdings Pvt Ltd. Romsons Group is engaged in the manufacturing and sale of medical devices, and personal care and hygiene products in India and globally, through exports.
Deals beyond a certain threshold require approval from CCI, which keeps a watch on unfair business practices and promotes fair competition in the marketplace