Franklin Templeton to buy out Rahejas in Indian AMC
14 Nov 2006
Mumbai: Franklin Templeton Investments will acquire the 25-per cent stake held by Hathway Investments, a part of the Rajan Raheja group of companies, in Franklin Templeton Asset Management (AMC). The acquisition would give Franklin Templeton 100-per cent stake in the AMC.
"The full acquisition of our Indian asset management company (AMC) reinforces Franklin Templeton's long-term commitment to India," Vijay Advani, executive VP, Franklin Resources, said.
"Franklin Templeton has built a strong presence in India and we are very excited about the tremendous growth potential for our business moving forward," added Vivek Kudva, president of Franklin Templeton Investments (India).
Franklin Templeton Investments is one of the largest fund houses in India with over Rs23,920-crore of assets under management (AuM) and an investor base of over 19 lakh. It is a subsidiary of Franklin Resources Inc, a global investment management organisation operating as Franklin Templeton Investments, one of the largest financial services groups in the world based in California, US.
