Business Daily from THE HINDU group of publications
Friday, Jan 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 18, 2008 ePaper | Mobile/PDA Version |
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Markets
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Asset Management Companies Our Bureau Mumbai, Jan. 17 Religare’s proposed Asset Management joint venture with AEGON has received the in-principle sponsor approval from the SEBI. Religare would be entering into the AMC business through Religare Securities Ltd – a 100 per cent arm of Religare Enterprises Ltd. Mr Nanavati, CEO, Religare AEGON AMC, said: “Both the partners are committed to the business and the joint venture will start with an initial equity capital of Rs 100 crore, as per the shareholders agreement (as against the minimum regulatory requirement of Rs 10 crore). In-line with their existing business philosophy, the AMC will focus on creating wide reach across India especially in Tier-II and Tier-III cities, with an initial target of opening at least 100 branches in the first 3 years of operations and offering the entire range of products across the client’s asset allocation spectrum.” AEGON has tied-up with Religare for 2 ventures in India. More Stories on : Asset Management Companies | Regulatory Bodies & Rulings
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