Investment platform Groww said it will acquire Indiabulls Mutual Fund (MF) for ₹175 crore.
Under the deal, Groww would acquire Indiabulls AMC and trustee company of Indiabulls Mutual Fund.
The sale of Indiabulls AMC would be limited only to the mutual fund part of the business while alternate investment fund and portfolio management services would stay with Indiabulls Housing Finance.
“We have decided to divest our interest in the retail mutual fund business to consolidate capital and provide greater focus to building the real estate asset management business,” said Gagan Banga, vice-chairman and MD, Indiabulls Housing Finance.
