India's Axis Bank has said on Wednesday that it is evaluating partnerships for its asset management unit in India as well as in the international markets in a move to add value to the business.

The company did not confirm reports suggesting that U. K.'s Schroders is planning to acquire about 30% of Axis Asset Management unit.

A company spokesperson said, "When we are able to identify the right partner, we will assess the appropriate partnership arrangement."

According to several reports in the Indian media, senior executives from asset manager Schroders will soon visit Mumbai to complete a deal to acquire part of Axis Bank's unit in order to expand the company's presence in India.

The acquisition would allow the UK based company to sell its products in India, while on the other hand; Axis will be able to access the Schroders' global network. According to a report in the Economic Times, Schroders had applied to the Securities SEBI in April 2008 to set up a mutual fund business in India and it received a license only in 2011.

Schroders now manages about $291 billion in assets on behalf of institutional and retail investors, financial institutions as well as high net worth clients. Schroders did not comment on the matter.