Asian private equity firm PAG is considering options that may lead to a sale of its majority stake in Mumbai-listed Nuvama Wealth Management Ltd., according to people familiar with the matter.
Blackstone Inc.-backed PAG is working with financial advisers on a strategic review of its more than 54% stake in the Indian wealth manager, the people said, asking not to be identified because the deliberations are private. That could result in a partial or full sale, the people said.
Considerations are at a preliminary stage and PAG may decide against a sale, the people said. Other financial services firms including global asset managers have expressed preliminary interest in Nuvama, the people said.
A representative for PAG declined to comment, while Nuvama didn’t immediately respond to a request seeking comment during a holiday.
Source: Economic Times