BNP Paribas Asset Management, a 100% owned subsidiary of European banking and financial services major BNP Paribas, has acquired a 49.9% stake in non-banking finance company Sundaram Finance Limited (SFL). The Chennai-based SFL has offloaded its holdings in its wholly owned subsidiary, Sundaram Asset Management Company Limited, for a total sale consideration of about Rs.1.38 billion. The joint venture to be named Sundaram BNP Paribas Asset Management Company Limited, will enjoy synergies in the form of the strengths of the Indian mutual fund’s brand in India, along with the international product expertise of the French financial services major.
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Source: IIPM Editorial, 2006
