Religare Enterprises, a leading integrated financial group of the country, has confirmed receiving the market regulator's nod to acquire Lotus India Asset Management Company (AMC).
Religare Securities, a wholly owned subsidiary of Religare Enterprises, has received clearance from the Securities and Exchange Board of India to buy the entire shareholding of the asset management company from its shareholders.
"We will start the integration process immediately," said Sunil Godhwani, CEO and MD of Relifgare enterprises. "This is a first step towards fulfilling our global asset management ambitions and we are committed to take this business to market leading position," added Godhwani. Lotus India AMC will be renamed Religare AMC.
Earlier this month Religare Enterprises had announced its decision to buy all or a majority stake in Lotus AMC and subsequently announced its restructuring plans relating to Religare's partnership with Aegon in the asset management business in India.