Fullerton India has become a subsidiary of Sumitomo Mitsu Financial Group (SMFG) by following the completion of a transaction to purchase 74.9 per cent from Fullerton Financial Holdings (FFH). Fullerton India’s management team will continue to operate under the leadership of current Managing Director and Chief Executive Shantanu Mitra, the company said in a statement.

• Granules India Climbs 2% as US Unit Bags Clean USFDA Inspection Nod
• Gujarat Alkalies Climbs 4% After Inking Hybrid Renewable Energy Deal With Clean Max
• Shilpa Medicare Buys 30.4% Stake in Spain’s Gate2Brain for €7 Million
• DEE Development Touches 52-Week High of Rs 681 While Board Clears Rs 300 Cr Share Issue
• IndusInd Bank Falls 3% After Reports of Whistleblower Complaint; NSE Seeks Clarification

As part of the transaction, Fullerton India’s Board will be reconstituted to comprise Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Dr
Milan Robert Shuster and Ms Sudha Pillai.

In July 2021, Japan’s SMFG had signed a pact to purchase a 74.9 per cent stake in non-banking finance company Fullerton India Credit for about $ two billion.