360 one wam Limited has secured a significant regulatory milestone with its subsidiary receiving in-principle approval from the International Financial Services Centres Authority (IFSCA) to operate as a Fund Management Entity at GIFT City. The approval represents a strategic expansion of the company's asset management capabilities into India's premier international financial services hub.

Subsidiary Structure and Approval Details

The approval has been granted to 360 ONE Global Asset Management (IFSC) Limited, which operates as a step-down wholly owned subsidiary of 360 ONE WAM Limited through 360 ONE Asset Management Limited. The regulatory framework allows the entity to function as a Fund Management Entity (Retail) under IFSCA's jurisdiction.

Implementation Timeline and Next Steps

Following the in-principle approval, 360 ONE Asset Management Limited will proceed with the necessary capital infusion into 360 ONE Global Asset Management (IFSC) Limited. The subsidiary will then work toward obtaining the final registration certificate from IFSCA before commencing its asset and fund management operations at GIFT City.

The company has indicated that the commencement of business activities will occur in due course, following the completion of all regulatory requirements and operational preparations. This measured approach ensures compliance with IFSCA regulations and establishes a solid foundation for the subsidiary's operations in the international financial services sector.

Strategic Significance

The IFSCA approval positions 360 ONE WAM Limited to expand its asset management services within India's International Financial Services Centre framework. GIFT City serves as a crucial hub for international financial services, offering companies access to global markets while operating under a specialized regulatory environment designed to facilitate cross-border financial activities.

360 One WAM has announced a significant acquisition in the renewable energy sector, with its subsidiary 360 ONE Alternates Asset Management Limited set to purchase the complete stake in Quark Solar Private Limited. The transaction, valued at ₹9.39 crore, was disclosed through regulatory filings and will result in full ownership of the solar energy company.

Acquisition Details

The board of directors of 360 ONE Alternates Asset Management Limited, a wholly owned subsidiary of 360 ONE WAM LIMITED, approved the acquisition of entire fully paid up equity share capital of Quark Solar on a fully diluted basis. The company entered into a Share Purchase Agreement with existing shareholders for a total purchase consideration of ₹9.39 crore to be discharged entirely through cash payment.

Target Company Profile

Quark Solar Private Limited, incorporated on July 20, 1998, operates in the renewable energy sector with a focus on EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) solutions. The company services commercial and industrial customers across India in the renewable energy space.

Strategic Implications

The acquisition aligns with 360 One WAM's strategic expansion into renewable energy operations. Upon completion, Quark Solar will become a wholly owned subsidiary of the acquirer and a step-down subsidiary of 360 ONE WAM LIMITED. The company stated that Quark Solar will act as an operating entity for various Special Purpose Vehicles (SPVs) of funds proposed to be set up under the renewables strategy.

The transaction does not fall within related party transactions, and promoters or group companies of 360 ONE WAM LIMITED do not have any interest in Quark Solar. The acquisition is expected to be completed within a month, subject to satisfactory completion of customary conditions precedent.