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IndoStar Capital Finance, an NBFC, has completed the acquisition of the CV-financing business of India Infoline Finance (IIFL). The deal is effective March 31, 2019.
The acquisition includes the entire CV finance AUM of ₹3,620 crore, along with 1,089 employees housed in 161 branches.
With this acquisition, the company said the mix between retail and wholesale stands at 62:38.
Retail lending
Indostar Capital, promoted by the 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 setting up of CV financing and affordable housing finance businesses.
R Sridhar, Executive Vice-Chairman and CEO, IndoStar Capital, said in a statement that the completion of “this instant profit-accretive transaction in a very short period of time” would catapult IndoStar as a leading player in the CV financing space.
He added it would also help in building a diversified profitable lending book with a product mix comprising CV finance, corporate lending, SME business loans, and affordable housing loans.
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