IIFL Wealth Group to acquire L&T Finance Holdings' wealth management business

IIFL Wealth Group on Wednesday said it has entered into a definitive agreement to acquire L&T Capital Markets, a wholly-owned subsidiary of L&T Finance Holdings.

L&T Capital Markets provides wealth management services for individual and institutional clients.

The transaction is subject to regulatory approvals, a joint statement said without disclosing the size of the deal.

IIFL Wealth offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers, the statement said.

The move is expected to further strengthen IIFL Wealth's platform for serving high net-worth and ultra-high-worth families, it added.