MUMBAI: IndoStar Capital Finance Limited has executed closing agreement for the acquisition of commercial vehicle finance business of India Infoline Finance Limited at a net purchase consideration of Indian Rs2.419 trillion.
The acquisition includes assets under management of Indian Rs3.6 trillion, employees, branches and infrastructure.
IndoStar is a non-banking finance company “NBFC” registered with the Reserve Bank of India as a systemically important non-deposit taking company.
India Infoline Finance is a diversified NBFC providing small-ticket loan products to its customers including mortgages, loans against property, construction finance, gold loans, SME loans, capital market and micro-finance loans.
IndoStar Capital, promoted by Everstone Group in 2011, initially started corporate lending business. Since 2015, IndoStar has been building its retail lending business which accelerated last year with the set-up of CV finance and Affordable Housing Finance businesses.
This acquisition is truly transformational and would catapult IndoStar into becoming a leading player in the attractive high growth CV financing space and help it to build a diversified profitable lending book with a product mix comprising CV Finance, Corporate Lending, SME Business Loans and Affordable Housing Loans.[the_ad id=”31605″]