IDFC Ltd on Saturday said its subsidiary IDFC Alternatives has entered into an agreement to sell its infrastructure asset management business to Global Infrastructure Partners India for an undisclosed amount.
After the sale, IDFC Alternatives will continue to manage private equity and real estate funds, IDFC informed BSE in a filing.
"IDFC Alternatives Ltd, a wholly owned step down subsidiary of IDFC Ltd through IDFC Financial Holding Company Ltd, has entered into a definitive agreement with Global Infrastructure Partners India, for the sale of its infrastructure asset management business," IDFC said.
This sale will conclude on the receipt of the requisite regulatory approvals.
"IDFC Alternatives will continue to manage Private Equity and Real Estate funds and the aforementioned sale to Global Infrastructure Partners India will not have any impact on its Private Equity and Real Estate verticals," it added.
Global Infrastructure Partners (GIP) is a leading global, independent infrastructure investor.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.