New Delhi, April 2 -- TVS Venu Group has agreed to acquire the Indian mutual fund and alternates business from global asset manager PGIM.

Sudarshan Venu-led group has entered into definitive agreements, through TVS Venu Management and Consultancy Services Pvt. Ltd, to acquire a 100% stake in PGIM India Asset Management Pvt. Ltd (PGIM India AMC) and PGIM India Trustees Pvt. Ltd, said a company statement.

The company will buy a 100% stake in PGIM India AMC from Prudential Financial, the deal size for which was not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions.

Khaitan & Co was the legal advisor to TVS Venu Group, and Shardul Amarchand Mangaldas & Co was the legal advisor to Prudentia...