Indiabulls Housing gets CCI approval to sell its mutual fund business to Grove

Indiabulls Housing gets CCI approval to sell its mutual fund business to Grove

New Delhi, Sep 10 (PTI) Indiabulls Housing Finance (IBHFL) has got the Competition Commission of India’s (CCI) nod to sell its mutual fund business to Grove for Rs 175 crore.

Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited (ITCL) wholly owned subsidiaries of Indiabulls entered into a definitive agreement for sale of mutual fund business with Nextbillion Technology (Grove) in May this year. The deal will be done by both these subsidiaries.

“Further on this agreement… The Competition Commission of India has approved the deal in a communication dated September 9, 2021,” IBHFL said in a regulatory notice.

The company has said that the motive behind the sale of the mutual fund business is to focus on its retail real estate asset management business. Mutual funds are not his main business area.

Grove started its financial services business in May 2016. The Bengaluru-headquartered company is backed by investors such as Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital. The company serves more than 15 million users in over 900 cities in India.

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