Fidelity moves to sell India mutual funds business

Fidelity Investments is in negotiations with potential investors interested in buying its India mutual fund business, according to a report on the Economic Times website.

Fidelity is seeking a valuation of 10 billion rupees for business. The report added that interested parties could include Goldman Sachs Asset Management among other fund houses.

Fidelity started operations in India in 2004 and managed assets worth about 90 billion rupees as of end 2011, the report said citing data from the Association of Mutual Funds of India.

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