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This is an archive article published on May 31, 2010

Mukesh Ambani may buy JM Fin

Reliance Industries is in talks to buy a majority stake in JM Financial Asset Management.

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Indian billionaire Mukesh Ambani,who controls energy major Reliance Industries,is in talks to buy a majority stake in JM Financial Asset Management,a source with direct knowledge of the situation said on Monday.

The talks are in early stages and the terms of the deal have not been finalised yet,said the source,who could not be identified as he was not authorised to speak to the media.

The source said the deal value could be 8 percent of the assets under management at JM Financial,backing a report in the Mint newspaper.

Reliance Industries declined to comment.

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