Blackstone Group Inc. to take over L & T Mutual Fund

To begin with, the Blackstone Group Inc. arises as the frontrunner to take over the Mutual Fund of Larsen & Toubro Ltd. Certainly, this would remain the first entry by a major foreign private equity firm into India’s $350 billion asset management industry.

Besides, the New York-based buyout firm focuses to reach an agreement in the next month to buy a controlling stake in the L & T Mutual Fund. Precisely, this could come of value at more than ₹3,500 crores. Significantly, the firm kept competing with rival Indian bidder IIFL Wealth Management Ltd.

Stock Market June 19th:

The Sensex gained 523.68 points with a 1.53% increase and reached a 34,731.73 level. While Nifty 152.75 points with a 1.51% increase and reached 10,244.40 level.

Whereas the number of coronavirus cases in India reached 3,95,048 as of Saturday, June 20, and deaths reached 12,948.

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