New Delhi, May 30 (UNI) Infrastructure Finance Development Company Ltd (IDFC) today said it has acquired mutual fund business of Standard Chartered Bank.
The company has received all necessary approvals from the concerned regulatory authority, IDFC said in a statement.
IDFC had earlier signed an agreement with Standard Chartered Bank in March for a consideration of Rs 820 crore.
Standard Chartered Mutual Fund has around Rs 14,000 crore in assets, of which Rs 4,000 crore is in equity, while rest is in debt.
With this, IDFC acquires Standard Chartered Trustee Company and Standard Chartered Asset Management Company, both of which represent Standard Chartered's mutual fund business in India.
IDFC is one of the leading infrastructure finance institutions, and the acquisition would give it a foothold in the retail sector and improve its high margin fee-based income.
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