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Indiabulls Housing Finance gets CCI approval to divest mutual fund business

13 Sep 2021 Evaluate

Indiabulls Housing Finance has received the Competition Commission of India (CCI) approval to divest its mutual fund business to Nextbillion Technology (Groww) for Rs 175 crore. The company's wholly-owned subsidiaries Indiabulls Asset Management Company (IMACL) and Indiabulls Trustee Company (ITCL) had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities.

Divestment of the mutual fund business is aimed at focussing on its retail estate asset management business, as it is not the core focus area of the company.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

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