Standard Chartered PLC has agreed to sell Standard Chartered Trustee Company Pvt Ltd and Standard Chartered Asset Management Co, which handles its mutual fund manufacturing business in India, to IDFC for a total cash consideration of $205 million (over Rs 820 crore). The consideration is before deductions for local taxes and deal expenses.
IDFC will thus be paying about 70 per cent more that what UBS Global Asset Management, a leading international asset management company, had agreed to pay for the acquisition last year. UBS had struck the deal for acquiring Stan Chart’s mutual fund business in India for $120 million in January 2007.
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