Muthoot Finance business

Muthoot Finance to buy IDBI Bank’s MF business

The deal to acquire IDBI Asset Management is expected to close this week


Gold loan financier Muthoot Finance Ltd is in advanced stages of acquiring IDBI Asset Management Ltd, the mutual fund unit of Life Insurance Corp. of India (LIC)-owned private sector lender IDBI Bank Ltd, three people aware of the development said.

IDBI Asset Management, also referred to as IDBI Mutual Fund, managed 22 schemes during FY19, comprising 12 equity fund schemes, six debt fund schemes, two hybrid fund schemes and one each Gold Fund of Funds and Gold Exchange Traded Funds scheme.


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