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Mar 28, 2012, 01.34 PM IST | Source: CNBC-TV18

Integration plan for Fidelity MF in place: L&T's Deosthalee

Chairman and MD of L&T Finance Holdings YM Deosthalee says the integration process is still being worked out.

YM Deosthalee, CMD,  L&T Finance Holdings

The cat is finally out of the bag. Fidelity AMC's India business has been taken over by L&T Mutual Fund. Sources indicate that L&T is likely to have paid around Rs 550 crore for the India arm. Chairman and MD of L&T Finance Holdings YM Deosthalee says the integration process is still being worked out.

“We have prepared a detailed integration plan. It has been jointly prepared by Fidelity and L&T Finance, so we already have a plan in place. Large part of the existing team will be available to us. As far as equity fund management team is concerned, they have a worldwide equity business and therefore they would like to retain that. However, it is available to us so long as the integration process is completed to their satisfaction as well as to our satisfaction that is very important,” he told CNBC-TV18 in an interview.

Refusing to comment on the transaction timeline, Deosthalee said, it will all depend on the regulatory approvals etc. "We will try to do it at the earliest. It is in the interest of both the organisation to complete the transaction. That doesn’t mean that the integration will be completed by that time that will depend on satisfaction of both the parties."

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