With the scrapping of the non-compete agreement between the Ambani Brothers, the elder brother, Mukesh Ambani is expected to now expand into businesses where Reliance-ADAG has a presence. According to an article in Mint, Mukesh Ambani is engaged in talks that could lead to his purchasing a majority stake in JM Financial Asset Management. The report also states that the estimated value of the deal would be around 8 per cent of assets under management (AUM) of JM Financial Asset Management.
JM Financial has Rs 8,568.80 crore (as on April 30, 2010) worth of AUM.
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Reliance Mutual Fund, controlled by Anil Ambani, is the country's largest fund house with AUM of Rs 1,11,819.33 crore (as on April 30, 2010).
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