L&T
Finance Holdings Ltd today said it has acquired FamilyCredit Ltd, an auto
finance company, from its French parent for Rs 120 crore.
In
a filing to the BSE, L&T Finance Holdings said, "It entered into definitive
agreements with France's Societe Generale Consumer Finance on October 19,
for the acquisition of 100 percent of FamilyCredit Ltd (FCL), a well
established NBFC with presence across two-wheeler and auto financing." The
conclusion of the transaction is however subject to regulatory approvals. The
consideration to be paid to complete the acquisition is Rs 120 crore, it said.
Chairman
& Managing Director of LTFH, said, "The business synergises well with
our existing retail financing business and provides opportunity for us to
further expand our product offering in the consumer finance domain."
The
acquisition will consolidate LTFH's presence in auto financing business in India, it said.
As
of June 30, FCL had loan book size of Rs 1,287 crore of which two-wheeler
financing constituted 53 per cent and car financing 35 per cent.
It
has 53 branches across 16 states in India and presence in more than 1,400 dealer outlets
with a customer base in excess of 400,000.
Shares
of L&T Finance were trading higher by 0.46 per cent at Rs 54.30 on the BSE.
PTI
/ Oct 22, 2012
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