Religare to acquire Lotus India AMC

Mumbai, Nov 4 (UNI) Religare Enterprises Limited (REL), one of the leading integrated financial services groups of India, today announced it would be acquiring Lotus India Asset Management Company (Lotus India AMC) from the majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital.

The acquisition is subject to regulatory approvals.

Lotus India AMC manages in excess of Rs 5000 Crore in domestic mutual funds. Religare will immediately strengthen this position further by infusing additional funds into the scheme of Lotus India AMC. Existing investors in Lotus mutual funds will continue to be supported and served in a seamless fashion.

In a statement here today, Mr Sunil Godhwani-CEO&Managing Director, Religare Enterprises Limited, said ''We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree and look forward to taking it to the next level of growth. Like all other businesses that Religare operates globally, we are committed to building it further as a business of excellence with a leadership position.'' Mr Gerard Lee, CEO Fullerton Fund Management, said '' We are pleased to transfer ownership to a leading financial services brand such as Religare with its strong reach and distribution might. Under the new stewardship, we firmly believe that Lotus will scale greater heights and we see this stake sale as the beginning of a new strategic relationship with Religare.'' UNI AR OBB VKG1855