Fidelity Worldwide Investment is selling its Indian mutual fund business to L&T Finance, a spokesperson for the firm confirmed.

L&T Finance, a subsidiary of multi-billion dollar Indian technology conglomerate Larsen & Toubro, has agreed to buy FIL Fund Management Private Limited and FIL Trustee Company Private Limited, subject to regulatory approvals. The sale price was not disclosed. 

Fidelity Fund Management has the largest mutual fund in India with a strong equity-orientated franchise, access to high net worth individuals and a strong investment plan portfolio, according to the spokesperson.

The deal ends an unprofitable foray into the Indian fund market by Fidelity, according to The Wall Street Journal, which racked up annual losses from the business since its 2004 launch.

The company will continue to operate other businesses in India, said the report, including a back office and technology centre which employs around 1,500 people in Gurgaon, near Delhi.

Fidelity will also keep an equity research team in India to support the $3.8 billion in Indian equities it manages for its global clients, The WSJ said.