U.K. asset manager Schroders PLC (SDR.LN) is likely to acquire about 30% of India's Axis Asset Management Co. Ltd., the Business Standard newspaper reported Wednesday, citing people aware of the matter who it didn't identify.

The deal will help Schroders revive its presence in India and end the Axis Bank Ltd. (532215.BY) company's search for a strategic partner in the mutual-fund business, the report added.

Senior management from Schroders' is likely to visit Mumbai next week to finalize the deal, the report said.

Newspaper website: http://www.business-standard.com

-By Mumbai Bureau, Dow Jones Newswires; 91 22 6145 6100; djn.in@dowjones.com