Franklin Templeton to acquire 25 pc stake in Indian subsidiary

New Delhi, Nov 14 (UNI) Franklin Templeton Investments today said it will buy out 25 per cent stake in its Indian subsidiary, Franklin Templeton Asset Management (India) Pvt Ltd (AMC).

As a result of the buy-out, the fund manager will own the entire stake in the company. AMC is a joint venture between Franklin Templeton and Hathway Investments in which the former holds 75 per cent stakes while the latter owns the remaining 25 per cent.

''The full acquisition of our Indian asset management arm reinforces Franklin Templeton's long-term commitment to India,'' Franklin Resources Inc Executive Vice President Vijay Advani said.

After the deal is complete, Franklin Templeton will become the third asset manager to be fully foreign owned in India. Deutsche Asset Management (India) Pvt Ltd and Fidelity Fund Management Pvt Ltd are the other two.

The fund manager has assets worth Rs 2,390 crore and 19 lakh investor accounts.

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