Essel Finance Acquires Peerless Mutual Fund

Kolkata, 10 November 2016: The Peerless General Finance and Investment Company Limited (PGFI) announced that it has signed an agreement to sell its entire shareholding in the Peerless Fund Management Company Limited (PFMCL) and the Peerless Trust Management Company Limited (PTMCL) to Essel Finance Management LLP (EFM). PGFI is the sponsor, PTMCL is the trustee, and PFMCL is the investment manager, respectively, of Peerless Mutual Fund. The transaction will be completed once all regulatory approvals have been obtained.

Speaking on the occasion, Mr S K Roy – Managing Director of The Peerless General Finance and Investment Co Ltd said “We are happy to have reached this agreement with the highly regarded Essel Group, which intends to build on the efforts taken by the Peerless Group over the last few years. We are confident that the interests of our unitholders will remain foremost in their approach to this service, as it was in ours.”

Mr Amitabh Chaturvedi – Managing Director of Essel Finance Management added "The acquisition is part of our strategy to become a financial services conglomerate. The addition of the mutual fund business will fortify our position and take us closer to our goals.”

Currently Essel Finance is offering a range of financial services and products such as SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Forex, Private Equity, Investment Banking & Distribution.

Mr Chaturvedi further emphasized “We are very pleased with Peerless team, products and its performance and are confident that we will be able to create a large asset management business. We look forward to a smooth & speedy transition, subject to regulatory approvals.”

Mr. Rajiv Shastri – Managing Director of Peerless Funds Management Co. Ltd. said “We are excited by this opportunity to be associated with one of the premier business groups in the country, the Essel Group, and happy about the continuity offered by this agreement. We look forward to continuing and enhancing our services to existing and new investors across the country.”

PGFI is the country's premier financial service provider in the private sector with over 83 years of experience. Incorporated in 1932 as "The Peerless Insurance Co Ltd", a leading indigenous insurance company, the company is now known as "The Peerless General Finance & Investment Co Ltd". Today PGFI has emerged as India's largest Registered Residuary Non-banking Company (RNBC).

PFMCL is a subsidiary of PGFI, and the investment manager to Peerless Mutual Fund, the first mutual fund in the eastern region, headquartered in Kolkata. PFMCL manages funds across the entire risk-return continuum, such as equity, hybrid, debt and liquid. At present, PFMCL manages one liquid scheme, four fixed income schemes, one hybrid scheme and three equity schemes including an Equity Linked Savings Scheme.

About Essel Finance

Essel Finance is one of India's leading private sector financial services company offering a range of services and products across corporate finance and retail sectors. It’s the umbrella brand for the financial businesses of the $10 billion conglomerate, Essel Group. The Essel Group, founded by the Chairman Dr. Subhash Chandra, is a diversified multinational conglomerate with businesses in media, broadcasting, entertainment, industrial manufacturing, utilities, education, infrastructure and precious metals refining.

Essel Finance is a well-diversified financial services firm offering a range of financial products & services such as Private Equity, SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Distribution of Mutual Funds & Insurance, Forex Money-Changing & Remittance and Investment Banking. Headquartered in Mumbai, the company has a large network of branches spread in almost all major cities in India.