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| Exchange Disseminated Time | Sundaram Finance Ltd (SFL) has informed BSE that the Board of the Company on June 30, 2010 has decided, in principle, to acquire from BNP Paribas Asset Management ("BNP PAM"), the 49.90% shareholding of the latter, in both Sundaram BNP Paribas Asset Management Company Ltd. ("Sundaram BNP AMC) and Sundaram BNP Paribas Trustee Company Ltd. ("Sundaram BNP TC"), subject to necessary agreements and regulatory approvals. Pursuant to the acquisition, these two Companies will become 100% subsidiaries of SFL.
As part of a global acquisition, BNP Paribas SA (parent of BNP PAM) acquired the banking and financial services activities of the Fortis Group, which resulted in its indirectly acquiring interests in Fortis Investment Management (India) Pvt. Ltd. and Fortis Trustee (India) Pvt. Ltd., the asset management and trustee Company respectively of Fortis Mutual Fund in India. In view of the above, SFL and BNP PAM have, after careful consideration of the available options, amicably decided, in-principle and subject to execution of necessary agreements and receipt of regulatory approvals, to proceed with the disengagement from their joint ventures in Sundaram BNP AMC and Sundaram BNP TC, and for SFL to acquire the interests of BNP PAM therein.
There will be no impact on the other 3 Joint Ventures namely, Sundaram BNP Paribas Home Finance Ltd. (SFL Group Holding 51%), Sundaram BNP Paribas Fund Services Ltd., (SFL Group Holding 51%) and BNP Paribas Sundaram Global Securities Operations Pvt. Ltd. (SFL Group Holding 49%). The partners with their active and continued participation look forward to further strengthening their relationship and ensure sustained growth of these Joint Ventures. |
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