Rajan Raheja Acquires 39 Pc Stakes In ING MF

Mumbai: The Rajan Raheja-controlled Hathway Investments has purchased ING Vysya Bank's 39 per cent stake in the ING Vysya mutual fund for an undisclosed sum. Following the change in the ownership, the name of ING Vysya MF has been changed to ING Mutual Fund. The parent firm now holds 42.5 per cent stake in ING Vysya Mutual Fund, while Hathway owns 39 per cent and Kirti Equities controls 18.5 per cent. ING IM is the asset management company of ING Vysya Mutual Fund. The decision to partner the Rajan Raheja Group follows the relationship with ING Vysya Life insurance. Realty developer Rajan Raheja also holds a 50 per cent stake in ING Life Insurance. Raheja's Exide Industries had purchased this stake in 2005. Raheja recently exited his 25 per cent holding in the Franklin Templeton Mutual Fund. By acquiring a stake in the ING MF, Raheja has re-entered the asset management business in the country, which is growing at a phenomenal rate. ING Vysya MF had total assets worth Rs 2,777.81 crore at the end of March.