Mahindra & Mahindra Financial Services (Mahindra Finance) completed proceedings for divestment of 49% stake in Unit Mahindra Asset Management Company Private Limited (Mahindra AMC), to Manulife Investment Management (Singapore) Pte. Ltd. (Manulife), a leading global financial services group.
According to a SEBI Press Release, Manulife has invested US$ 35 million (Rs. 265 crore) in the 51:49 joint venture, which aims to expand its fund offerings, drive fund penetration, and achieve long term wealth creation in India.
Manulife is a leading international financial services group, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world.
Mahindra & Mahindra Financial Services Limited (Mahindra Finance) – part of the Mahindra Group – is one of India’s leading non-banking finance companies. Mahindra AMC is one of the fastest growing asset management companies in India, currently offering over 13 investment schemes. AZB & Partners represented Manulife in this venture. Rushabh Maniar (Partner) alongwith Senior Associate Devika Nayak worked on this deal.
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