Mumbai: A unit of Sundaram Finance Ltd has entered into a securities services joint venture (JV) in India with Paris-based BNP Paribas Securities Services, a unit of BNP Paribas SA, the firms said.
The new JV to be called Sundaram BNP Paribas Securities Services, will be 51% owned by Sundaram Business Services and 49% by BNP Paribas.
Sundaram BNP Paribas will provide fund accounting and transfer agency services to both domestic and off-shore investors in India.
To be based in Chennai, the joint venture is expected to start operations in the first quarter of 2009.
BNP Paribas has an existing joint venture to provide asset management and housing finance services with the Sundaram Group.