IIFL Holdings’ subsidiary — IIFL Wealth Management — will acquire entire share capital of Chennai-based Wealth Advisors India. IIFL Wealth would conclude the transaction for a consideration of Rs 235 crore. This move is expected to further fortify 10 year old IIFL Wealth’s presence in the south as Wealth Advisors has a formidable presence in Chennai, Bangalore, Coimbatore and is also present in Mumbai and Pune.
The transaction represents one of the first few control transactions in the wealth management space in India.
IIFL Holdings is one of India’s leading, diversified financial services companies.