Sundaram, BNP Paribas float joint venture

Chennai, Nov 6 (IANS) The city-based Sundaram Business Services (SBS), the business process outsourcing arm of non-banking finance company Sundaram Finance Ltd, has formed a 51-49 joint venture company with Paris-based BNP Paribas Securities Services to provide securities services in India.

The new company, Sundaram BNP Paribas Securities Services, will be headquartered in Chennai and will offer services such as fund accounting and transfer agency to both domestic and offshore investors.

Subject to relevant regulatory approvals, the transaction is expected to be completed in the first quarter of 2009.

The quantum of investments made in the joint venture has not been divulged.