Sundaram AMC to buy Principal's core businesses for undisclosed sum

Principal Asset decided to exit the asset management business in India

Sundaram Asset Management Company (Sundaram), a 100 per cent subsidiary of Sundaram Finance Ltd, has announced the purchase of the core businesses of Principal Asset Management Pvt Ltd. Value of the transaction is around Rs 338.53 crore.
 

Sundaram will acquire the schemes managed by Principal Asset Management Pvt Ltd and acquire 100 per cent of its share capital, along with that of Principal Trustee Company Pvt Limited, and Principal Retirement Advisors Pvt Ltd. 

The transaction is subject to the receipt of necessary regulatory approvals and Sebi prescribed processes, and Principal will continue to operate the businesses until the deal is