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Religare Enterprises to absorb 11 units to simplify structure, cut costs

Religare Enterprises Ltd. will absorb 11 subsidiaries to simplify its corporate structure and reduce operational and administrative costs.

The company said Dec. 27 that the proposed restructuring is part of its plan to maintain an India-focused strategy.

As part of the restructuring, Religare Securities Ltd., Religare Commodity Broking Pvt. Ltd., RGAM Investment Advisers Pvt. Ltd., Religare Venture Capital Ltd., Religare Arts Investment Management Ltd., Religare Capital Finance Ltd., RGAM Capital India Ltd., Religare Investment Advisors Ltd., Religare Support Services Ltd., Religare Arts Initiative Ltd. and Religare Capital Markets (India) Ltd. will be merged into Religare Enterprises.

The restructuring is subject to terms and conditions and will exclude Religare Securities' broking business.