India-based IIFL Wealth Management has announced plans to acquire 100% share capital of a domestic investment solutions firm Wealth Advisors India for a total consideration of Rs2.35bn ($31.97m).

Founded in 2004, Wealth Advisors is a wealth management firm with about Rs110bn ($1.49bn) in Asset Under Advice and more than 1,275 clients.

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The acquisition is expected to boost IIFL Wealth’s footprint as wealth advisors in south India, gain new client segments and enable steady annuity-based revenue.

In addition, the deal will add Wealth Advisors’ management and sales team, a technology platform and an operation team to IIFL Wealth portfolio.

IIFL Wealth Management managing director and CEO Karan Bhagat said: “Besides a formidable team, Wealth Advisors has a couple of commonalities with us which include a strong alignment of culture with a highly client-centric approach.

“This deal brings us some top-quality talent by way of sales and non-sales teams and our combined effort will further strengthen our reach and offerings for the high net worth clients and ultra-high net worth clients.”

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Wealth Advisors anticipates that the transaction, which is subject to regulatory approvals, will bolster its client relationships and offer access to the IIFL Wealth platform.

Wealth Advisors co-founder, director and CEO Pramod Kumar said: “Their plethora of offerings in the wealth management space including asset management, trust and estate advisory, tax planning, corporate advisory, credit and leverage offerings is unmatched in the industry.