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L&T Finance to buy out DBS Chola AMC

L&T Finance, the financial services arm of infrastructure giant Larsen & Toubro, is set to buy 100% stake in DBS Cholamandalam Mutual Fund for Rs 45 crore, reports NewsWire18.

 

The loss-making DBS Chola was set up as a joint venture between Singapore’s DBS Bank and Chennai-based Murugappa Group.L&T Finance recently raised USD 200 million via a retail bond sale. Pointing out in a statement that DBS Chola had assets under management (AUM) to the tune of Rs 2,893 crore, L&T Finance said the buy would help the company “widen, deepen” its services.

Source: Money Control

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