Ebène, Mauritius and New Delhi, India

CIEL Investment Ltd (Bloomberg: CIEL:MP), a Mauritius-based investment group, with interests in tourism, financial services, property and healthcare, and Religare Global Asset Management Inc. (RGAM), a wholly owned subsidiary of Religare Enterprises Limited (Bloomberg: RELG@IN), a leading emerging markets financial services group headquartered in New Delhi, India and listed on NSE with a market capitalization of approximately USD 1.5 billion, today announced a strategic partnership in Investment Professionals Ltd (IPRO), a fund management group headquartered in Mauritius with over US$ 300 million of Assets Under Management. CIEL Investment Ltd, which founded IPRO in 1992, is increasing its shareholding to 55.5%, while RGAM is taking a 40.0% stake, the balance being owned by management.

IPRO, through its offices in Mauritius and Botswana, acts as distributor and manager of investment funds and, through one of its subsidiaries, also acts as fund administrator. IPRO’s investments are primarily spread across Mauritius, Africa and India, where IPRO is licensed as a Foreign Institutional Investor. The new partnership is expected to result in a stronger focus onto India and Africa, primarily Sub-Saharan Africa, which currently enjoys one of the highest growth rates worldwide.

After concluding the transaction, Thierry Hugnin, Chairman of IPRO, said, “We are delighted to conclude a partnership with Religare and believe this is great news for IPRO and the Mauritius financial service sector as a whole. Through this partnership, IPRO will benefit from the expertise of RGAM in asset management while bringing the whole range of Religare’s products to our clients; furthermore IPRO shall benefit from Religare’s global network for distribution of IPRO’s African equity products.”

According to Paresh Thakker, Head RGAM and Group M&A, Religare, “RGAM’s strategy is to partner with best-of-breed asset management firms around the world operating within a variety of asset classes and investment disciplines. RGAM provides strategic support and capital to help facilitate growth of its affiliated firms, while leaving the existing investment professionals in charge of day-to-day operations. This alliance will help us create our presence in Africa, which presents significant growth opportunity over the next decade.”

www.cielgroup.com   |  www.ipro.mu   |   www.religare.com