Housing Development and Finance Company (HDFC) has bought an additional 9.9% stake in HDFC Asset Management from its UK-based joint venture partner Standard Life.Standard Life sold the stake at Rs 181.81 crore, thus valuing HDFC Mutual Fund at Rs 1,836.47 crore. HDFC MF manages assets worth Rs 41,333.40 crore.However, Standard Life continues to be a co-sponsor of the mutual fund business of HDFC.
HDFC will now hold a 60% stake, while Standard Life will hold the remaining 40% in the joint venture. Standard Life and HDFC are also partners for HDFC Standard Life Insurance Company, where again HDFC holds a majority 81.9%.
Rad more in The DNA Money article.
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