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L&T enters asset mgmt; may list or merge arm
Engineering and construction group Larsen & Toubro on Monday launched its asset management business and said it would look at unlocking its value either through listing or merger with another entity.
Engineering and construction group Larsen & Toubro on Monday launched its asset management business and said it would look at unlocking its value either through listing or merger with another entity.
“We are looking at value unlocking...We expect the value to be unlocked by the third quarter of FY11,” L&T Whole-time Director and Chief Financial Officer YM Deosthalee said.
Group subsidiary L&T Finance, which recently acquired DBS Cholamanada-lam’s AMC and rechristened it L&T Investment Management Ltd, has renamed the fund house L&T Mutual Fund.
“The complement of L&T’s brand, established presence in financial services and an experienced team of professionals, will enable the establishment of a successful asset management business,” Deosthalee said.
The mutual fund arm would provide a suite of products that would be attractive to both retail investors and corporates, he said. “Our target is to be among the top ten funds in India. We need to create an image of a stable and strong fund among customers,” Deosthalee said.
