IndoStar completes acquisition of Commercial Vehicle finance business of IIFL
Mumbai, 2 April 2019: IndoStar Capital Finance Limited (IndoStar): One of the leading NBFCs in the country has announced today the completion of its acquisition of the CV finance business of India Infoline Finance Limited (IIFL) with effect from 31 March 2019.
The acquisition includes the entire CV finance AUM of INR 3,620 Crs. along-with 1,089 employees housed in 161 branches. With this acquisition, the mix between retail and wholesale stands at 62:38.
Indostar Capital, promoted by Everstone Group in 2011, initially started a 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.
Commenting on the acquisition, R. Sridhar, Executive Vice-Chairman & CEO, IndoStar Capital said “We are very happy to have completed this instant profit accretive transaction in a very short period of time. This acquisition is truly transformational and catapults IndoStar into becoming a leading player in the attractive high growth CV financing space and help in building a diversified profitable lending book with a product mix comprising CV Finance, Corporate Lending, SME Business Loans and Affordable Housing Loans with strong growth prospects. I look forward to a quick and smooth integration of IIFL customers and employees into the IndoStar family”.
