| Templeton to buy out Rahejas from AMC |
| BS Reporter / Mumbai November 14, 2006 |
| Frankling Templeton Investments today said it will acquire full control of its joint venture in India, buying out 25% stake owned by Rajan Raheja group firm Hathway Investments for an undisclosed amount. With this deal, Frankling Templeton will now become the one of the few foreign asset management companies (AMC) in India to own 100% stake in Indian mutual fund business. The other 100% foreign AMCs in India are Deutsche AMC India and Fidelity India Fund Management. The company announced here that it will buyout the 25% stake in the AMC's equity paid-up capital, owned by Rajan Raheja group since 1980, to gain the total control of the venture, subject to regulatory approvals and execution of the agreement. However, both sides remained tight lipped over the cash component of the deal. "The full acquisition of our Indian asset management arm reinforces Franklin Templeton |
