Mutual fund manager Invesco is building its Indian distribution network by buying a 49% stake in Religare Asset Management, a top 15-ranked operator in the region.

Atlanta-based Invesco, which manages $670bn, declined to reveal the price it is paying. Invesco chief executive Martin Flanagan said: "This addition will enhance Invesco's presence in an important and growing market while providing Religare's clients access to our investment solutions."

The mutual fund manager has bought 49% of Indian financial services group Religare Asset Management in a bid to build up its distribution network in the subcontinent

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