Reliance Capital Asset Management on Wednesday announced the acquisition of global giant Goldman Sachs' mutual fund business in India for Rs 243 crore. The all-cash deal is Reliance Capital’s first ever acquisition, which includes all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India, reported the Press Trust of India.

The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal year, Reliance Capital said in a statement. Reliance Capital is the financial services arm of Anil Ambani-led Reliance Group.

Goldman Sachs had entered the Indian mutual fund industry in 2011 with the acquisition of Benchmark Mutual Fund for Rs 120 crore. In the last few years, a number of global companies have quit the Indian mutual fund business.