Standard Chartered PLC, on Friday, announced that it has agreed to sell Standard Chartered Trustee Company Pvt Ltd and Standard Chartered Asset Management Company Pvt Ltd, including minorities, to Infrastructure Development Finance Company Ltd (IDFC) for approximately US$205 million in cash.
   This total cash consideration is before deductions for local taxes and deal expenses. The companies mentioned above represent the mutual fund manufacturing business of Standard Chartered in India.
   However, the transaction does not include Standard Chartered’s mutual fund distribution business, which Standard Chartered will continue to pursue.
Jaspal Bindra, CEO, Asia, Standard Chartered, said, “IDFC is a well respected financial services company and we are delighted to have reached an agreement with them for the sale of this business. Standard Chartered will remain a distributor of asset management products in India.”
Rajiv Lall, MD & CEO of IDFC said, “This is in line with our wider strategy of broadening our footprint in the asset management business and diversifying our fee-based revenue streams.”
This transaction  approvals and other closing conditions, is expected to be completed in the second quarter of 2008.