Sundaram unit gets nod to buy Principal Asset

Sundaram Asset Management Co. Ltd. has received regulatory approval to acquire the asset management business of Principal Asset Management Pvt. Ltd. Sundaram AMC is a 100% arm of non-banking financial major Sundaram Finance Ltd. (SFL).

Sundaram AMC will acquire the schemes managed by Principal India and acquire 100% of the share capital of Principal Asset Management Pvt. Ltd., Principal Trustee Company Pvt. Ltd., and Principal Retirement Advisors Pvt. Ltd., as originally announced on January 28, 2021, the firm said in a statement.

“This acquisition is a natural step in our aspiration to become a sizeable player in the asset management industry,” said Harsha Viji, executive vice- chairman, SFL.

“The combined business will achieve an aspirational landmark of ₹50,000 crore. We will be able to leverage the combined platform to derive significant synergies.”

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