Muthoot Finance gets hold of IDBI MF arm for around Rs 215 crore

Muthoot Finance (MFIN), the Kerala-based gold loan non-banking financial company, said on Friday it had entered into a definitive agreement with IDBI Bank to buy its mutual fund (MF) arm for around Rs 215 crore.

The acquisition will mark MFIN’s foray into the Rs 26-trillion MF space. George Alexander Muthoot, managing director, MFIN, said, "IDBI MF is a trusted player with a steady loyal customer base. The business objectives and customer-centric approach that we follow is well aligned with the business objectives of the MF industry.”

MFIN will buy 100 per cent equity shares of IDBI Asset Management Company (AMC)