India, Jan. 31 -- Stock broking major Groww has reportedly placed a bid to acquire PGIM India Asset Management as it looks to deepen its presence in the asset management space.

As per a report by Bloomberg, the company is competing with Edelweiss Asset Management for the loss-making Indian AMC owned by US-based Prudential Financial. Talks are ongoing and a final agreement is yet to be reached.

Inc42 has reached out for comments on the development, the story will be updated based on the responses.

Important to mention that PGIM is looking to exit its Indian asset management business after limited growth since acquiring it from Deutsche Bank AG nearly a decade ago. The unit has struggled to scale meaningfully in a market that has become ...