IDFC likely to announce sale of mutual fund business today evening

A consortium led by Bandhan Financial Holdings is leading the race to acquire IDFC mutual fund business.

IDFC Ltd is likely to announce the sale of its mutual fund business on Wednesday evening after the Board’s approval, sources aware of the development said.

According to media reports, a consortium led by Bandhan Financial Holdings is leading the race to acquire IDFC AMC.

Singapore’s sovereign wealth fund GIC, private equity player ChrysCapital are some of the partners of the consortium. Bandhan Financial is also the holding company of Kolkata-based private sector lender Bandhan Bank. The deal will allow the Bandhan group to enter India’s growing mutual fund business which currently manages Rs 38 trillion of assets.

IDFC Limited