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Mumbai March 19 AIG Capital India Pvt Ltd, a subsidiary of American International Group, will acquire Weizmann Homes Ltd, a housing finance company, in an all-cash deal.

Weizmann Homes Ltd is a subsidiary of the Weizmann Group, which has interests in textiles (manufacture and export), generation of non-conventional energy and foreign exchange.

In a notice to the BSE, Weizmann said that it had decided to transfer its equity stake of about 56.41 per cent to AIG Capital India.

Other equity shareholders of the company will also be transferring their stake to AIG Capital, it added.

Financial details of the deal were not disclosed.

Weizmann Homes was set up in 1994 and has 32 branches and four offices in southern and western India and Uttar Pradesh, according to the company's Web site.

Federal Bank and Asian Finance and Investment Corporation, Manila, an associate of Asian Development Bank, are the other investors with equity stake in Weizmann Homes.

AIG Capital had received approval from the Reserve Bank of India to operate as a non-banking finance company in October 2006.

It has plans to enter various areas in retail finance, including housing finance, personal finance, auto loans and credit cards.

In December, AIG Capital signed an agreement to acquire 75 per cent controlling stake in Vivek Hire Purchase & Leasing Ltd, a non-banking finance company offering consumer finance.

American International Group is a global insurance company present in 130 countries.

In February, AIG received the SEBI approval to set up wholly owned asset management company and mutual fund business.

AIG has joint ventures in the life and the non-life insurance segment with the Tata Group.

More Stories on : Mergers & Acquisitions | Housing Finance

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