Ever since his $1 Billion plus exit from Flipkart, Sachin Bansal has been aggressively active in the investment space. While most of his investments have largely revolved around startups till date, he could now be looking to enter the traditional business side as well.
According to a report coming in from MoneyControl, Sachin Bansal is on the brink of acquiring the Asset Management Business of Essel Group. According to the report, Ankit Agarwal, who is an angel investor working with Bansal, has been meeting with the management of Essel Finance. As of June-end, the average assets under management (AUM) of Essel Mutual Fund stood at ₹1,040 crore (~$151 Million).
This will be an interesting addition to Bansal’s investment portfolio, if the deal materialises. While largely been an investor into startups, this acquisition could either be just a means to diversify his investments, or a serious attempt at getting into the financial services sector. Nothing is known at this moment.
Essel Group on its end, has been looking to reduce its debt books and hence plans to monetise about ₹20,000 crore (~$2.9 Billion) by selling its infrastructure assets. At the group level, Essel has a total debt of ₹17,174 crore (~$2.5 Billion), of which ₹11,466 crore is infra-related.
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.