BUSINESS

PFG pact with IDBI

CHENNAI: Principal Financial Group (Mauritius) Limited, a subsidiary of the Principal Financial group has reached an agreement with the Industrial Development Bank of India to buy IDBI's 50 per cent stake in IDBI-Principal Asset Management Company Ltd. The agreement totalled about $20 million gives the PFG group 100 per cent ownership, according to a release. — Our Bureau

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