Edelweiss has put its mutual fund business on the block

The financial services group needs to cut debt sooner rather than later, and selling a unit is the best option on the table.

Edelweiss Financial Services has put its mutual fund business on sale to help the group pare its pile of debt, according to three people with direct knowledge of the matter, who asked not to be named.

“It is an ongoing process. There are a lot of people interested in the mutual fund business,” says one of the three people.

The interested parties for the business include Edelweiss Asset Management CEO Radhika Gupta (backed by Cholamandalam Investment and Finance), IndusInd Bank and Hero FinCorp, according to all three people.

For the Edelweiss group, which is trying to reduce its debt, the …


Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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