March 2008
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IDFC to buy StanChart MF for Rs 830 cr

Infrastructure Development Finance Corporation (IDFC) will buy Standard Chartered Mutual Fund. IDFC will pay $205 million (Rs 830 crore), way above $135 million (Rs 542 crore), the amount offered by UBS for the AMC in January last year. Standard Chartered has agreed to sell Standard Chartered Trustee and Standard Chartered Asset Management, including the local minority shareholders. The UK major has a 74.9% stake in the AMC with the remaining being held by Atul Choksey, the former co-founder of Asian Paints. The consideration is before deductions of local taxes and deal expenses. ET had on Thursday reported that IDFC and Shinsei were ahead in the race. StanChart regional CEO (India and South Asia) Neeraj Swaroop said: “We will concentrate on the distribution side of the business.” This means the bank will continue to sell products of other fund houses. IDFC CEO Rajiv Lall said: “This is in line with our wider strategy of broadening our footprint in the asset management business and diversifying our fee-based revenue streams.” […]

Tata plans to sell 49% stake in tower unit

The Tata group, which runs businesses from steel to hotels, plans to sell as much as 49% of its mobile-phone tower unit by May. The group has shortlisted 15 potential investors in the business, Anil Sardana, managing director of Tata Teleservices Ltd, the group’s telecom arm, said on Friday. Tata Teleservices Maharashtra Ltd, which is listed, offers services in Maharashtra. The Tata group is seeking similar, if not better, valuations as that of the tower units belonging to the Bharti group and the Reliance-Anil Dhirubhai Ambani Group, Sardana added. (Livemint) […]