On Friday, Kotak Mahindra Bank announced it has acquired the Agri and Healthcare Equipment financing portfolio of De Lage Landen Financial Services India (DLL India), a subsidiary of Rabobank-owned De Lage Landen International.

“The operations of DLL India’s acquired portfolio will be transitioned to Kotak Mahindra Bank in a planned manner over the next few months,” the bank said in a statement, adding that until the transition, the portfolio will continue to be managed by DLL India.

It did not disclose the value of the transaction.

The acquisition will help Kotak gain access to over 25,000 customers with a total standard loan outstanding of around ₹582 crore, and a non-performing assets portfolio with a total loan outstanding of around ₹69 crore.

“Kotak Mahindra Bank’s acquisition of DLL India’s Agri and Healthcare Equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base,” said D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank.

The private sector lender’s Commercial Banking business focuses on meeting the banking and financial needs of customer segments beyond metro and urban centres, with specialised units offering financial solutions for commercial vehicles, construction equipment, tractor and agriculture sector, the statement said.

Abhishek Mudgal, Country Manager, DLL India said, “In the last nine years of operations in India, we have established an excellent customer base in India. We are i glad that we are transferring our outstanding portfolio and customer base in India to Kotak Mahindra Bank.”

KPMG acted as the exclusive financial advisor to the shareholders of DLL India for this transaction .

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