L&T Finance Holdings Limited, one of India’s leading non-banking financial companies, today announced the conclusion of the sale of its mutual fund business to HSBC Asset Management (India) Private Limited.It has (i) received approx. ₹3,484 crores (equivalent of USD 425 million) as consideration for the sale; and (ii) also realised surplus cash balance of approx. ₹764 crores in L&T Investment Management Limited, the asset manager to L&T Mutual Fund (LTIML) pursuant to the definitive documents.
The proceeds from this transaction will be deployed primarily in strengthening the balance sheet which will help drive growth and innovation in the retail lending businesses, in line with the stated Lakshya 2026 goal of becoming a top-class, digitally enabled, retail finance company.
Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings Limited, said, “The sale of the mutual fund business provides solid impetus to our pace of retailisation, where the retail portfolio mix today stands at 58% of our total loan book. We believe, that along with retailisation, a customer-focused approach, and continuing with our chosen ‘Right to Win’ businesses, we will create value for all our stakeholders.”
