Edelweiss Mutual Fund has emerged frontrunner for IDBI Asset Management Company as the entity has entered the final stage of negotiations with IDBI Bank, a person close to the development told The Economic Times, adding that two more mutual funds had shown interest.
In June, KKR-backed Avendus, Mahindra, IIFL, Edelweiss and Motilal Oswal were reportedly in the fray for the mutual fund.
At the end of 2018-19, IDBI Bank held 66.67% stake in the mutual fund and IDBI Capital Markets and Securities 33.33%. An expert said IDBI Asset Management Company is valued at up to Rs 450 crore.
Meanwhile, Thomas Cook (India) Ltd is considering whether to continue under the Thomas Cook brand after the collapse of Thomas Cook UK, or adopt a new one, many reports said.
One of the options available is to buy out the brand, senior vice-president (holidays) Romil Pant said. Thomas Cook India became a Fairfax company in 2012 and was paying a royalty to Thomas Cook UK for using the brand. “We have this brand till 2025,” Pant said.