Religare completes exit of Landmark Partnership

religareReligare Enterprises Ltd, a diversified financial services group, said its wholly owned subsidiary Religare Global Asset Managment Inc USA completed its exit from Landmark Partners LLC and its subsidiaries.

Landmark is a private equity and real estate investment company specializing in secondary funds. It had assets under management of $15.1 billion with about 16,000 underlying company and property investments.

This marks the end to Indian financial services company’s exposure to the alternative investment management business it entered five years ago. It had acquired two firms, Northgate Capital and Landmark Partners, at the time.

Religare bought 55 per cent of Landmark for $171.5 million in April 2011.

The group is owned by brothers Malvinder and Shivinder Singh, who built up pharma giant Ranbaxy, and sold it to Japanese giant Daiichi in a $4.6 bln deal.