State Bank of India (SBI) has received final approval to acquire a 20% stake in SBI Pension Funds Private Ltd (SBIPFPL) from its subsidiary SBICAPS (SBI Capital Markets Ltd). The acquisition will cost ₹229.52 crore and is expected to be completed by December 15, 2023.
Following the acquisition, SBI will hold 80% of SBIPFPL, with the remaining 20% held by SBI Funds Management Ltd, a joint venture between SBI and Amundi. As of March 31, 2023, SBIPFPL managed assets worth ₹3,39,006 crore and reported a net profit of ₹53.50 crore for the fiscal year 2023.
This move strengthens SBI’s position in the growing pension fund market in India. SBIPFPL is a leading player in the sector with a strong track record, and this investment positions SBI to capitalize on future growth opportunities.
