religare-buys-indian-amc-partowned-by-temasek

Religare buys Indian AMC part-owned by Temasek

The Indian finance company founded by the Ranbaxy group buys Lotus India Asset Management, which has $1 billion under management, from Temasek and Sabre Capital.
November 04, 2008
Religare Enterprises, an Indian financial services firm controlled by the family which recently sold IndiaÆs largest pharmaceutical firm, Ranbaxy Laboratories, will acquire Lotus India Asset Management Company from its majority shareholders, Alexandra Fund Management an affiliate of Fullerton Fund Management and Sabre Capital.

Lotus India AMC manages in excess of Rs50 billion $1 billion across 19 mutual fund schemes. It has raised around 90% of its assets under management through debt funds, while the balance is in equity funds. It began operations in India in August 2006 and currently operates out of 60 cities in the country.

No financial data for the takeover was released. Specialists suggest that the deal was struck at a price...
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