L&T Finance Holdings is planning to acquire the wealth business of global financial giant, Morgan Stanley in order to strengthen its presence in eth industry in the country.

According to some reports, the company is in advanced stages of negotiations to acquire Morgan Stanley's wealth management business in India. The acquisition, if finalized, will help L&T Finance expand its presence in the country's still new wealth management industry.

L&T Finance had recently Manoj Shenoy and 12 officials from Swiss private bank EFG for its operations in the country. The financial arm of engineering major L&T's total market capitalization now stands at Rs 15,342.72 crore. Some reports suggest that the deal between L&T Finance and Morgan Stanley might be finalized in the coming one month.

The latest acquisition is a part of the series of acquisitions by the company into the MF, housing and auto finance segments and will help the company expand its presence in the segment in the country. L&T Finance recently acquired FamilyCredit, housing finance firm Indo Pacific Housing Finance and Fidelity's mutual fund business in March.

The shares of the company increased 1.13 percent to Rs 89.40 on Bombay Stock Exchange (BSE).