Mukesh to buy stake in JM Financial

A deal with JM Financial would give Mukesh a slice of India’s attractive fund management sector, which has drawn investors looking to capitalise on India’s rapidly growing population and a savings rate of more than 30 per cent. Talks with JM Financial are at an early stage and terms of a deal have not been finalised, said the source, who could not be identified as he was not authorised to speak to media.

The source said the deal value could be 8 per cent of the assets under management at the unit of financial services firm JM Financial, backing a report in the Mint newspaper. That would indicate an investment of around $144 million.