L&T Finance has agreed to acquire 100 per cent stake in DBS Cholamandalam Asset Management Company for Rs 45 crore from Cholamandalam DBS Finance Ltd (CDFL). The deal is subject to SEBI approval. CDFL is a joint venture between the Murugappa Group and DBS Bank of Singapore. The mutual fund, set up in 1996, has an average asset under management of Rs 2,893 crore as on August 31, with over 2 lakh customer accounts and presence in 20 locations across the country.The acquisition would help synergise with L&T’s existing financial services business by deepening and widening its services. DBS Cholamandalam AMC had reported a loss of Rs 38 crore for the year ended March 2009. The mutual fund will continue to be managed by the existing management, headed by Mr Sanjay Sinha, Chief Executive Officer. crackcrack
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