TLCM is a wholly-owned subsidiary of L&T Finance Holdings Limited (LTFH) which provides wealth management services for individual and institutional clients.
The acquisition was consummated on April 24 after receiving requisite regulatory approvals. IIFL Wealth Management said the acquisition was for a total cash consideration of Rs 230 crore plus available cash balance of LTCM.
"The completion of an important acquisition in these unprecedented times will further fortify our position in wealth management," said Karan Bhagat, Management Director and CEO of IIFL Wealth Management.
"The LTCM acquisition will further strengthen our offerings and geographical reach besides increasing our assets under management," he said in a statement.
IIFL Wealth Management is the investment and financial advisor to more than 5,600 influential families in the high net worth individuals (HNIs) and ultra HNI segments in India and abroad with aggregate assets of more than 24 billion dollars under management.
It has more than 900 employees and presence in six major global financial hubs and 23 locations in the country.
( With inputs from ANI )