IndoStar buys CV finance business of IIFL

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IndoStar Capital Finance Ltd, a lender promoted by private equity fund Everstone Group, announced the completion of its acquisition of the commercial vehicle finance business of India Infoline Finance, a subsidiary of IIFL Holdings.

The acquisition includes the entire commercial vehicle finance assets under management of Rs 3,620 crores. Indostar will also acquire a total of  1,089 employees spread across 161 branches in 18 states, it said.

Separately, IIFL Finance will continue to focus on its core business of affordable home loans, small business loans, gold loans and microfinance while looking for growth in these segments through organic and inorganic means.

“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”, said, R Sridhar, Executive Vice-Chairman & CEO, IndoStar Capital.

One of the leading non-banking finance companies, IndoStar Capital offers structured-term financing solutions to corporates, used and new commercial vehicle financing for transporters, and loans to small and medium sized enterprises.

As of December 2018, IndoStar had a net worth of Rs 2,928 crore and offers a wide range of loans to more than 21,000 customers.

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