Mukesh Ambani billionaire, who wheels the major energy Reliance Industries, is in talks to buy majority stake in JM Financial Asset Management, a source with direct knowledge of the state of affairs said on Monday.
Negotiations are in early stages and terms of trade is not finished yet, "the source said that could not be recognized as he was not authorized to speak to the media.
The source said that the deal value would be 8 percent of total assets at JM Financial, supports a report in Mint newspaper.
Reliance Industries declined to observation on.
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