Muthoot Finance is going to acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator SEBI, is expected to be completed by February-end 2020.
Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.