OREANDA-NEWS. Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc. (NYSE: PRU), announced today that they have agreed to form an asset management joint venture with DHFL acquiring a 50 percent stake in Pramerica Asset Managers Pvt. Ltd., Prudential's asset management business in India. Last year, DHFL and Prudential joined forces to create a life insurance joint venture, DHFL Pramerica Life Insurance Company, which serves the life insurance needs of customers across cities and towns in India.

Under the terms of the new asset management joint venture agreement, each company will own 50 percent of the business. The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt. Ltd., following regulatory approvals and closure of the transaction.

DHFL is India's second largest private housing finance company with a focus on enabling financial access to lower and middle income customers through its wide network across the country. Prudential, which does business under the trade name Pramerica in select countries outside the United States, ranks among the world's top 10 institutional asset managers, based on assets as of Dec. 31, 2013, according to Pensions & Investments' annual money manager survey.

Statement from Kapil Wadhawan, chairman and managing director, DHFL:

"In line with DHFL's vision of enabling financial access to all Indians, especially the low and middle income customers, we forayed into life insurance through a joint venture partnership with Pramerica. Today, I am pleased that DHFL's relationship with Prudential is being further strengthened, with the forging of our joint venture partnership in the asset management business. We shall now be able to provide quality asset management products and solutions, specially designed for the low and middle income customers. I believe that we can significantly enhance financial inclusion and wealth building at the grassroots level by distributing these products through DHFL's wide network."

Statement from Glen Baptist, president, Pramerica International Investments:

"We are pleased to form this partnership with DHFL, bringing together Prudential's expertise in investment management as a top 10 global asset manager, and DHFL's local market knowledge and distribution network, to position our business in India for success over the long term. This new venture demonstrates our ongoing commitment to India, and we jointly intend to invest in the business to bring new ideas and solutions to meet the investment needs of our institutional and retail clients across India. DHFL's distribution network will enhance our ability to offer a broader array of products and services to a wider range of customers and clients. We look forward to continuing to serve the long-term investment needs of our clients."