L&T Finance Holdings had completed the acquisition of Fidelity's mutual fund business in India. This marks one of the largest M&A deals in the country's mutual fund industry. Company officials had pegged the deal at around Rs 550- 600 crore. With the acquisition, the Companies fund suite spans the whole range of investment opportunities and moves closer to becoming one of the country's leading asset management companies. L&T MF had over Rs 12,800 crore in managed assets and an investor base of close to 9.5 lakh from around 200 cities and towns. L&T have significantly enhanced capabilities in all areas including equity and debt fund management, operations and customer service.
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