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| L&T Finance to buy 100% stake of DCAM Larsen & Toubro, India's leading engineering major, said its subsidiary L&T Finance and Cholamandalam DBS Finance, a listed joint venture between the Murugappa Group and DBS Bank of Singapore, have signed an MoU for the purchase by L&T Finance of the 100% shareholding of Cholamandalam DBS in DBS Cholamandalam Asset Management (DCAM) for a consideration of Rs. 45 crores adjusted for cash balance and current assets as of date of closing. DBS Cholamandalam Asset Management, an investment Manager for DBS Chola Mutual Fund, currently manages over Rs. 2890 crores (average AUM for Aug’09). It is one of the oldest AMCs in India, operating since 1996 and currently manages 6 Debt funds 11 Equity funds. The average AUM has grown from Rs. 1023 crores in Mar’09 to Rs. 2893 crores in Aug’09. write your comments about the article :: © 2009 Construction News :: home page |