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Tuesday, March 27, 2012

L&T Finance to takeover Fidelity Mutual Fund

L&T Finance Ltd has agreed to buy Fidelity Group’s Indian mutual fund arm -- FIL Fund Management Pvt. Ltd and FIL Trustee Co. Pvt. Ltd. --for an undisclosed sum. According to sources, L&T Finance was not in contention for the acquisition in the initial rounds of negotiations, but came up with an offer that was more than that of the two other contenders in the final round -- HDFC Asset Management Co. Ltd and Pramerica Asset Managers Pvt. Ltd

L&T MF currently manages assets worth Rs. 4,616 crore in mutual funds. Fidelity MF in India is a unit of Fidelity Mauritius, which in turn is a subsidiary of Fidelity Worldwide Investment, or FIL Ltd, that manages at least $212 billion in assets
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