Toronto-based, financial services firm, Manulife has decided to acquire a 49 per cent share in the financial arm of Mahindra Group, Mahindra Mahindra Financial Services (MMFIN) for the sum INR 243.4 crore, according to a media report.
Toronto-based Manulife will make the investment in Mahindra Asset Management Company Pvt. Ltd and Mahindra Trustee Company Pvt. Ltd, Mahindra Group said in a statement, as reported by daily news, VC Circle.
According to the transaction, MMFIN, which is administered by Mahindra Finance, will acquire a 51 per cent share in the company. With this, Mahindra AMC will increase its fund offering as well as investment in retail funds in India. Furthermore, the deal will help merge Mahindra Groups domestic power along with Manulifes wealth and asset management solutions.
Mahindra and Manulife share a common vision of building a market-leading asset management business, servicing the needs of retail investors and becoming one of Indias most admired asset management companies, Vice-chairman and MD at Mahindra Finance, Ramesh Iyer said.
The Canadian wealth and asset management company fundamentally administers as Manulife globally and as John Hancock in the US. The company had assets more than $849 in total as of March 31, FY18.