IIFL Wealth Management Ltd announced it would acquire the entire share capital and the company of Chennai-based Wealth Advisors India Private Limited (Wealth Advisors). IIFL Wealth will conclude the transaction for a consideration of INR 235 Crore. The transaction is subject to regulatory approvals.
This move is expected to further fortify ten-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 Wealth Management (IIFL Wealth) is a wealth and asset management company in India. IIFL Wealth is the investment and financial advisor to more than 12,000 influential families in the HNI and Ultra HNI segments, aggregating more than INR 140,000 Crore of assets under advice, distribution and custody. IIFL Wealth has presence in 23 locations in India and around the world.