Lotus was setup as a JV between Sabre and Fullerton, a subsidiary of Temasek. The positive economic outlook, strong capital market performance and under penetration of investment products made India an attractive destination for new entrants. Sabre and Temasek obtained regulatory approvals, hired a high quality investment management team, crafted the business strategy and grew Lotus to become one of the fastest growing mutual funds in India, ranked 19th within 2 years of operation in an industry comprising 35 players at that time. Sabre and Temasek exited through a strategic sale to the Religare group and Lotus is running successfully today as Religare Mutual Fund.