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Indiabulls Housing received CCI approval to sell its mutual fund business to Grove

Indiabulls Housing received CCI approval to sell its mutual fund business to Grove
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Indiabulls Housing received CCI approval to sell its mutual fund business to Grove

Indiabulls Housing received CCI approval to sell its mutual fund business to Grove

New Delhi, Sep 10 (PTI) Indiabulls Housing Finance (IBHFL) has received approval from the Competition Commission of India (CCI) to sell its mutual fund business to Grove for Rs 175 crore.

Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited (ITCL) entered into a definitive agreement with Indiabulls wholly owned subsidiary Nextbillion Technology (Grove) for the sale of the mutual fund business. This agreement will be made by both these subsidiaries.

“Further on this Agreement … The Competition Commission of India has approved this Agreement in its communications dated 9 September 2021,” IBHFL said in a regulatory notice.

The company says the motive behind the sale of the mutual fund business is to focus on its retail real estate asset management business. Mutual funds are not its main business area.

Grove started its financial services business in May 2016. The Bengaluru-headquartered company is backed by investors like Tiger Global, Sequoia Capital India, Y Combinator and Rebit Capital. The company serves more than 15 million users in more than 900 cities across India.

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