Essel Finance Management LLP’s (EFM) subsidiary Essel Finance Wealthzone has received SEBI approval to acquire the entire shareholding of the Peerless General Finance and Investment Co. Ltd and others, in Peerless Funds Management Co. Ltd and Peerless Trust Management Co. Ltd.
Essel Finance Management is the financial services arm of Subhash Chandra-promoted Essel Group.
At present, EFM offers a range of financial services and products such as SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Forex, Private Equity, Investment Banking & Distribution.
“This acquisition will strengthen our presence in financial services industry and establish us as a large financial services conglomerate,” Amitabh Chaturvedi, Managing Director of Essel Finance said.
Chaturvedi further emphasised “With fast growing mutual fund industry, we are confident of establishing a $10 billion asset under management in 5-6 years. We will also strengthen our fund management team and distribution network,” he added.