INDIA'S SUNDARAM FINANCE BUYS JV PARTNER'S US$32 MLN STAKE
Monday, Oct 04,2010, 7:31:06 PM Click:
Sundaram Finance (BSE:590071) last Friday said it has acquired its joint venture partner BNP Paribas Asset Management's 49 per cent stake for Rs 141.48 crore (US$32 million).
The company has purchased the shares in Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company, Sundaram Finance informed the Bombay Stock Exchange.
Sundaram BNP Paribas Asset Management and Sundaram BNP Paribas Trustee company was a joint venture between Tamil Nadu-based financial services firm Sundaram Finance and BNP Paribas Asset Management of France.
The decision of disassociation between the two partner consequent to BNP Paribas SA, parent of BNP Paribas Asset Management acquiring the banking and financial serviced activities of the Fortis Group, which resulted in indirectly acquiring controlling interest in Fortis Mutual Fund in India.
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