Religare open to acquisition to become global leader
Press Trust of India / Mumbai Aug 17, 2009, 15:13 IST
Religare Enterprises is exploring opportunities to become a global leader in the financial services market.
"As a group we are constantly on the lookout for opportunities in line with our ambition of becoming a global leader in financial services sector," Religare Enterprises informed the Bombay Stock Exchange today.
Responding to reports of the firm placing non-indicative bid to buy the Asian private banking assets of Dutch insurance and banking major ING, Religare said, "We do not comment on market rumours and speculation."
In the past, Religare Enterprises has done many acquisition, including the buying out one of the oldest stock broking firms Hichens Harrison of the UK. The financial service firm acquired 97.76 per cent stake in Hichens Harrison & Co Plc last year.
It also acquired Lotus India Mutual Fund from Temasek-promoted Alexandra Fund Management and Sabre Capital for an undisclosed amount last year.
The acquisition was done by Religare Aegon AMC which is a joint venture between Religare and Netherlands-based Aegon Group.
The company acquired Maharishi Housing Development Finance Corporation (MHDFC) in May to branch out into housing finance business.
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