IDFC acquires StanChart's Indian asset management arm for $205mn

Standard Chartered Plc, the London- based bank that gets most of its profit in Asia, agreed to sell its Indian fund-management unit to Infrastructure Development Finance Company(IDFC) for $205 million.
Based in Mumbai and best-known as Infrastructure Development Finance Company(IDFC), the buyer finances roads, ports and utilities in India. It will pay cash for the unit and plans to complete the purchase in the second quarter pending regulatory approval, Standard Chartered said in statement on march 7,2008.
"Standard Chartered will remain a distributor of asset- management products in India" Asia head Jaspal Bindra said in the statement."India is a key market"
IDFC's acquisition marks its first move into large-scale wealth management. IDFC will compete with Reliance Capital Asset Management Ltd., the biggest fund manager in India, and overseas managers including Franklin Resources Inc. and Fidelity International Ltd.