MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Indo Star to Acquire IIFL Finance

Indo Star to Acquire IIFL Finance

Indo Star Capital Finance Ltd plans to acquire the CV finance business of India Infoline Finance Ltd (IIFL Finance). Indo Star signed a binding agreement to carry out the development. The announcement was made public on Monday.

Indo Star is a non-banking financing company and IIFL Finance is a subsidiary of IIFL Holdings Ltd.

The acquisition includes the following transaction: The entire CV finance AUM (Rs. 3,949 crores) as on December 31 last year, Loan portfolio worth Rs. 2,450 crore and securitization and assignment portfolio of worth Rs. 1,499 crore.  The current employee team of IIFL Finance (CV finance) comprises of 1,337 and is spread among different branches in 18 states. The gross disbursement for FY18 was in excess of Rs.3000 crore and Rs. 1,732 crore for the first half of the financial year.

The above transaction has been approved by the board members of both the companies.

According to R. Sridhar, the acquisition will help Indo Star to speed up the timeline for achieving the goal of becoming one of the big names in the field of retail finance NBFC. The company has a diversified and profitable asset book with strong growth prospects. Mr. Sridhar is the CEO &Executive VP of IndoStar.

The non-banking financial company, IIFL Finance provides small ticket product loans to its customers. Their service includes gold loans, SME loans, micro-finance loans, capital market,and others.

IndoStar Capital Finance Ltd was established in 2009. The company initially started a corporate lending business and was promoted by EverStone Group in 2011.

YOU MAY ALSO LIKE

Marketing Partnership: NBA, McDonald’s Will Jointly open NBA Experience Zones India

There is good news for all basketball fans in India. Very soon, NBA themed promotions and experience zones will be launched in India. The announcement...

Dunzo to Raise Funds from Google, others

Dunzo, the app which is trying to make life easier for the people upto some extent plans to raise about Rs. 183 crore from different investors which a...

Sapta Shakti Command Will Be Displaying Defence Technology Equipment at Jaipur Military Station

This event is organised with an aim to provide an opportunity where one and all can experience the developments in the field of defence and security-r...

Samsung is All Set to Roll out Its Galaxy A9 Smartphone On November 20

After Samsung unveiled its new Galaxy A9 smartphone in Singapore last month, the company is all set to launch it in India on November 20. In Singapore...

RECOMMENDED