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Private sector financial services company Essel Finance Management today said its subsidiary, Essel Finance Wealthzone, has received approval from Sebi to acquire the entire shareholding of the Peerless General Finance and Investment and others, in Peerless Funds Management Co Ltd and Peerless Trust Management Co Ltd.
Essel Finance Management (EFM) is promoted by the Essel Group, the USD 10 billion conglomerate that has emerged as a business house with a strong foothold in entertainment, media, packaging, infrastructure, education, precious metals and technology sectors.
Currently, EFM is offering a range of financial services and products such as SME business loans through its non-banking financial company (NBFC), housing finance, forex, private equity, investment banking and distribution.
"This acquisition will strengthen Essel Finance's presence in financial services industry and establish Essel Finance as a large financial services conglomerate," Amitabh Chaturvedi, managing director of Essel Finance said in a statement.
"With fast growing mutual fund industry, we are confident of establishing a USD 10 billion asset under management in 5 to 6 years' time. We will also strengthen our fund management team and distribution network," he added.
On the occasion, Bhargab Lahiri, deputy managing director of Peerless General Finance and Investment said, "post Sebi's approval we can now start this new relationship with the highly regarded Essel Group which intends to build on the efforts taken by the Peerless Group over the last few years."
Rajiv Shastri, managing director and chief executive, Peerless Funds Management Company said, "EFM's pan India presence and expertise across a comprehensive range of investment capabilities will further enhance our ability to meet client needs.