The Principal Financial Group of Des Moines, Iowa has acquired a stake in India's largest financial service provider, IDBI Investment Management Company, and created a joint venture that will be named IDBI-Principal Asset Management Company. IDBI Investment Management Company is the asset management unit of the Industrial Development Bank of India, based in Mumbai, India.

The joint company will sell both mutual funds to Indian citizens and 401(k) plans to proprietors of small to mid-sized Indian companies. The Principal brings to the alliance, its expertise as the largest issuer of 401(k) plans to U.S. small to mid-sized companies.

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