Wednesday, November 5, 2008

Religare Enterprises Approved A Proposal To Buy Majority - Nov 05, 2008

The board of directors of Religare Enterprises approved a proposal to buy 100 per cent or a majority stake in Lotus India Asset Management Company Pvt Ltd from Alexandra Fund Management, an affiliate of Fullerton Fund Management Company, and London-based Sabre Capital. Lotus India is a joint venture between a unit of Singapore''s Temasek Holdings and London-based Sabre Capital Worldwide.

Lotus India AMC manages over Rs 5,000 crore in domestic mutual funds and Religare through a joint venture with Dutch financial firm AEGON already has a presence in the AMC space. Religare is controlled by the Singh family, who recently sold their stake in Ranbaxy Laboratories to Japan''s Daiichi Sankyo.

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