Rs. 3,620 Crs. AUM, 161 Branches, 1,089 Strong Team and more than 50,000 Customers
Mumbai, 01st 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 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”.
About IndoStar Capital Finance Limited: IndoStar is a non-banking finance company “NBFC” registered with the Reserve Bank of India as a systemically important non-deposit taking company. Promoted by Everstone Group, IndoStar is a professionally managed and institutionally owned organization which is engaged in providing structured term financing solutions to corporates, used and new commercial vehicle financing for transporters, and loans to SME borrowers, affordable Home Finance through the wholly-owned subsidiary IndoStar Home Finance Private Limited. IndoStar has an AUM Rs. 7,748 Crs as on 31st December 2018. Strongly capitalized with a net-worth of Rs. 2,928 Crs as on 31st December 2018, IndoStar offers a wide range of loans to more than 21,000 customers.