Bandhan Financial Holding-led consortium has acquired IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore. The partners of the consortium are ChrysCapital, a private equity player, and GIC, a sovereign wealth fund of Singapore. In the consortium, the equity pattern is 60perecnt for Bandhan Financial Holding and 20 percent each for its other two partners.
IDFC has said in a statement, “The Bandhan consortium was selected through a highly competitive divestment process which has seen overwhelming participation from strategic players and financial investors. This is a hugely tracked acquisition and the largest deal in the Indian asset management industry to date.”
While commenting on this acquisition, Karni S Arga, Managing Director, Bandhan Financial Holdings Limited said, “Bandhan has always emphasized on financial inclusion and making formal financial services available to the people. We believe that the asset management industry is one of the fastest-growing verticals in the Indian financial services sector, hence has been discovered as a key segment in our future growth plans. The acquisition will provide us with a scaled-up asset management platform with a stellar management team and a pan Indian distribution network.”
