Known as Religare Macquarie Wealth Management, the JV was instituted by both companies in 2007 with equal shareholdings, to tap up the growing demand of wealth management services in the country.
The disposal of its holding will mark the exit of Australian company from Indian wealth management business landscape, which also complements with its plan to quit Asian market.
Post-acquisition, the JV will be renamed as Religare Wealth Management, which had assets worth INR28bn ($420m) on behalf of approximately 4,800 clients as on 31 March 2012.
Religare Enterprises group CEO Shachindra Nath said, "Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
Under the terms of the agreement, the acquirer will no implement any change in the management and the wealth management team, which will report to Basab Mitra, chief executive, capital markets and wealth management, Religare Group.
The acquisition will enable the acquirer to boost its financial services portfolio, while it gears up to apply for a banking license in the country.
