No plans to exit India business: Franklin Templeton

New Delhi:  Franklin Templeton India’s president Sanjay Sapre has said that the fund house has no plans to exit its India business.
The statement comes at a time when media reports suggested that Franklin Templeton had requested for talks with the Indian Ambassador to the US over the capital market regulator SEBI’s probe into six shut debt schemes of the fund house in the country. The reports also said that Franklin Templeton had threatened to exit India operations if it was not given a fair hearing.
In a letter to investors, Sapre described the reports of a likely exit as speculations and rumours.
“At the outset, I wish to clarify and re-iterate that Franklin Templeton’s commitment to India remains steadfast. We were early entrants in the Indian mutual fund industry and have remained a part of the industry even while many other global asset managers decided to leave,” he said.
“Please let me assure you, we have no plans to exit our India business. Any speculation suggesting otherwise, or any rumours around sale of our business in India are incorrect and simply that – rumours,” the President of Franklin Templeton India told the investors.
The company described itself as a “local” company with a “global” parent.