DBS Chola says not to sell Indian fund business

MUMBAI (Reuters) - Cholamandalam DBS Finance Ltd will not sell its Indian asset management business, a senior official said on Thursday.

Earlier in the day, the Economic Times daily, quoting unnamed sources, reported that Sabre Capital Worldwide, backed by Singapore's Temasek Holdings, was in talks with Cholamandalam DBS Finance to buy the latter's fund firm.

"We are not exiting our AMC business," DBS Cholamandalam Asset Management Director M. M. Murugappan told Reuters.

DBS Chola, one of the smaller ones in the 32-member Indian mutual fund industry, has seen its assets grow about 93 percent to 38.29 billion rupees in six months ending September, data from the Association of Mutual Funds in India showed.