One of the country’s top incorporated financial group, Religare Enterprises has received clearance from SEBI to acquire the entire shareholding of Lotus India Asset Management Company (Lotus India AMC) from its shareholders.

Giving this information at a press conference, Sunil Godhwanl (CEO & MD, Religare Enterprises Limited) said, “We will start the Integration process immediately. Lotus will now be rechrlstened Religare AMC. We believe this will form a sound spring board and is a first step towards fulfilling our global asset management ambitions and we are committed to take this business to a market leading position.”

Earlier this month, Religare Enterprises had announced its decision to buy all or a majority stake in Lotus AMC and subsequently announced its restructuring plans relating to Religare's partnership with Aegon in the asset management business in India. Religare had a 50-50 JV with Aegon in ‘Religare Aegon AMC’.

Religare has also received regulatory approval for divesting its stake in this AMC partnership.