NEW YORK (AP) -- Prudential Financial Inc. is teaming up with India's biggest real estate developer to create an investment manager offering mutual funds in India, the insurer said Tuesday.

Prudential Financial and DLF Group are establishing a partnership called DLF Pramerica Asset Managers Private Ltd., to be based in Mumbai. The company will offer stock funds to investors and institutions in India, Prudential and DLF said.

Prudential will own 61 percent of the joint venture, while DLF will own 39 percent. Additional terms were not disclosed.

Prudential, which is based in Newark, N.J., and manages $637 billion in clients' investments, said it wants to expand its international investment business and gain a foothold in a still-young Indian mutual fund market.

"India is an important market with enormous potential for the company," Stephen Pelletier, chief executive of Prudential's international investments unit, said in a statement.

DLF Group and Prudential have worked together before, joining forces to create a company selling life insurance in India.

DLF, which is based in New Delhi, develops homes, offices, malls and hotels throughout India. The company's stock is listed on the Bombay Stock Exchange.

Prudential shares added 49 cents to close at $93.76.

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