Slaughter and May and Mumbai-based law firm Desai & Diwanji are advising Standard Chartered on the sale of its mutual fund manufacturing businesses in India. The British bank, which focuses on emerging markets, is in talks to sell Standard Chartered Trustee Company and Standard Chartered Asset Management Company to Infrastructure Development Finance Company for around US$205 million.
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The sale, which does not include the bank’s mutual fund distribution business, was announced on 7 March. It is subject to certain regulatory approvals and other closing conditions and is expected to complete in the second quarter of 2008.
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