IIFL Wealth Group has agreed to purchase a 100% stake in L&T Capital Markets (LTCM) from L&T Finance for an undisclosed sum.

The deal is pending regulatory approvals.

Through the acquisition, IIFL Wealth aims to enhance its platform for meeting the requirements of wealthy families.

L&T Finance managing director and CEO Dinanath Dubhashi said: “This move will help the wealth management business scale up further by accessing the broader repertoire of products and services offered by the IIFL Wealth platform, which will benefit the clients and the team.

“L&T Financial Services will continue to focus on its strategy centred around stable and sustainable growth in businesses where we believe we have clear ‘Right to Win’ and can create value for all stakeholders.”

Operating as the wealth management unit of L&T Finance, LTCM has branches in nine locations across India.

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LTCM services individual and institutional clients. Meanwhile, IIFL Wealth & Asset Management has operations across 33 locations in seven key financial hubs.

Both firms are based in Mumbai.

IIFL Wealth Management managing director and CEO Karan Bhagat said: “We are pleased to have this experienced wealth team join us under the leadership of Manoj Shenoy.

“Born of a genesis steeped in entrepreneurial culture similar to IIFL Wealth and Asset Management, this team brings product innovation, geographical spread, and client assets of more than Rs. 24,000 Cr.”