The firm also said that it has acquired a 40 percent stake in Mauritius asset management company Investment Professionals Ltd through its U.S.based subsidiary, it did not provide any other details in the statement.

Religare is in talks with two foreign insurers for a joint venture to offer general insurance services in India and plans to acquire five to seven boutique asset managers in the United States and Europe in 18 to 24 months, Chief Executive Officer Sachindra Nath told Reuters in an interview on Friday.