The fair trade regulator, which keeps a tab on unfair business practices across sectors, has approved the acquisition as the deal may not have an adverse impact on competition in the country.

Reliance Capital Asset Management (RCAM), in October, had announced the acquisition. Under the deal, RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of Rs 7,132 crore.

The deal would also make Reliance MF the exclusive fund manager for the government's ambitious Central Public Sector Enterprises (CPSE) Exchange.

In a statement, RCAM said it has received approval from the Competition Commission of India (CCI) for acquiring Goldman Sachs Asset Management India.

Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and is also present in insurance, brokerage and wealth management among other areas.

Goldman Sachs was given the mandate last year to manage CPSE ETF through which the government has so far raised Rs 4,000 crore by selling part of its stake in ten central PSUs as part of its disinvestment programme.

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