Corporate | Peerless Finance gets nod to start MF firm

Corporate | Peerless Finance gets nod to start MF firm

Kolkata: Peerless General Finance and Investment Co. Ltd, a finance company that until now sold small savings products, said on Monday it had obtained the final approval from the Securities and Exchange Board of India (Sebi) to launch a mutual fund company.

The mutual fund business has been growing at a compounded annual rate of 30% for the last six years, and presents an “interesting opportunity", Peerless’ managing director S.K. Roy said in a statement. Peerless has roped in people such as A.C. Chakrabortti, former managing partner of Ernst and Young, and S.B. Ganguly, former chairman of Exide Industries Ltd, to hold key positions in its mutual fund business.


Nestle board approves acquisition

New Delhi:Nestle India Ltd said it will acquire for an undisclosed amount the healthcare nutrition business of Speciality Foods Pvt. Ltd to strengthen its portfolio.

“This new business will further strengthen our leadership as a nutrition, health and wellness company," Antonio Helio Waszyk, chairman and managing director, Nestle said.