L&T May Sell Wealth Management Arm To IIFL Wealth For Rs 250cr - Dollar Advisory Services : Best Research Advisory Firm

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L&T May Sell Wealth Management Arm To IIFL Wealth For Rs 250cr

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Larsen & Toubro may sell its wealth management arm to IIFL Wealth and Asset Management (IIFL Wealth) in a Rs 250 crore deal. IIFL Wealth, which as of March 31 handles assets worth Rs 169,000 crore, has emerged as the top buyer for L&T Finance Wealth Management, which manages assets worth Rs 25,600 crore. The article quoted sources as saying that the Rs 250 crore figure could be lower than what was paid in recent deals. Beyond the transaction, L&T Wealth’s 100 executives may not retain their jobs as IIFL has its own established 1,000 strong workforces, the source added.

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