The biggest listed developer in India, DLF Ltd, is partnering with Prudential Financial Inc., one of the largest life insurance companies in the US, for an asset management company as it looks for businesses with high returns on low investment. The new company will be called DLF Pramerica Asset Managers Pvt. Ltd. Pramerica is the brand name used in India and some other countries by Prudential Financial, which has operations in the US, Asia, Europe and Latin America.Prudential will have a 61% stake in the proposed firm and DLF will hold the remaining. This is not the first time DLF has teamed up with Prudential. In February, DLF signed an agreement with Prudentialâ€™s international insurance arm for a life insurance joint venture. â€œWe are looking at this business only as a good investment,â€ Rajiv Singh, vicechairman, DLF Ltd said. The asset management venture will make a total investment of $50 million (about Rs200 crore) in the business. DLFâ€™s investment in the business will not be more than Rs70-80 crore, Singh said. DLF expects to get clearance from the regulators soon so it can start operations next year.
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