Religare to acquire Lotus India AMC
New Delhi, 4 November, 2008 – Religare Enterprises Limited (REL) one of the leading integrated financial services groups of India, confirmed that it has agreed to acquire 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 Crores in domestic mutual funds. Religare will immediately strengthen this position further by infusing additional funds into the schemes of Lotus India AMC. Existing investors in Lotus mutual funds will continue to be supported and served in a seamless fashion.
Confirming this development 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.”
Religare has an existing presence in the asset management space through a JV with Aegon and post approvals of this acquisition it intends to further strengthen its position in this category in the Indian market.
About Religare Enterprises Limited
Religare Enterprises Limited (REL), (NSE Code-RELIGARE, BSE Code-532915, Bloomberg Code-RELG IN), is one of the leading integrated financial services groups of India. REL’s businesses are broadly clubbed across three key verticals, the Retail, Institutional and Wealth spectrums, catering to a diverse and wide base of clients.
The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the ‘Investment Gateway of India’. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence and transparency.
REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1550 locations across more than 460 cities and towns. REL also currently operates from 10 countries globally following its acquisition of London’s oldest brokerage & investment firm, Hichens, Harrison & Co. plc.
With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare also operates its Life Insurance and Asset management businesses in partnership with the global major – Aegon. For its wealth management business Religare has partnered with Australia based financial services major-Macquarie. Religare has also partnered with Vistaar Entertainment to launch India’s first SEBI approved Film Fund offering a unique alternative asset class of investments.
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