Amarchand Mangaldas has teamed up with Reed Smith Richards Butler to advise Infrastructure Development Finance Company (IDFC) on its purchase of Standard Chartered’s Indian asset management business. Slaughter and May and Desai & Diwanji are advising Standard Chartered.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
Under the terms of the deal, IDFC is paying US$205 million to acquire Standard Chartered Trustee and Standard Chartered Asset Management. The sale represents Standard Chartered’s mutual fund manufacturing business in India and does not include its mutual fund distribution business. The transaction, announced on 7 March 2008, is subject to certain regulatory approvals but is expected to complete in the second quarter of 2008.
“This was the Indian asset management business of Standard Chartered and it was originally sold to another foreign buyer last year, but that ran into regulatory problems,” said Roy Montague-Jones, a London-based partner of Reed Smith. “Amarchand is a firm we know very well – we’ve been focusing on the Indian market for about 10 years. We’ve done transactional and disputes work with them and have also done a number of financings under English law for Indian clients.”
IDFC is a public listed company. Its businesses include project finance, asset management (for third party funds), investment banking, institutional broking (through IDFC-SSKI) and advisory services.
[/ihc-hide-content]
