Religare Enterprises the financial services holding arm of the promoters of Ranbaxy has decided to drop out of the race for Standard Chartered's mutual fund business in India. It has decided instead to concentrate on building its presence organically with its Dutch joint venture partner Aegon. The financial services company has also decided not to pursue GE Money's consumer lending business, which is up for sale. StanChart's asset management business was put up for sale last year and Swiss banking major UBS had finalised a deal worth $120 million to acquire the business. However, this deal came unstuck as UBS didn't get the mandatory approvals from Indian authorities.
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