L&T Finance has finalised plans to sell its mutual fund business. The financial services firm of engineering-to-software conglomerate Larsen & Toubro, which had initially planned to sell a minority stake in L&T Mutual Fund, is now scouting for buyers to take over the asset management company, said two people familiar with the development.
L&T Mutual Fund had Rs 39,300 crore of assets under management as of March 31. The mutual fund industry managed assets worth Rs 18.3 lakh crore.
