French firm, Burmans pick up 75% in Apeejay

French financial services major Societe Generale in partnership with the Burmans of Dabur, has picked up 75 per cent stake in Apeejay Finance, a subsidiary of the city-based Apeejay Surendra Group.

Announcing this here today, the Apeejay Surendra Group said the deal for the divestment was signed on June 30 and the transaction was subject to regulatory approvals of the Indian authorities.

The group, however, did not reveal the value of the deal, but said it retained 25 per cent stake in the company.

Commenting on the deal, Apeejay Group Chairman Karan Paul said, "The strategic partnership will bring in valuable contributions from our partners in terms of funding, processors and distribution network and this will drive the performance of Apeejay Finance to new heights."

The investment in Apeejay Finance is being led by Mohit Burman of Dabur Group, who had previously been responsible for the Burman family's foray into insurance and banking, and Gaurav Burman, who is a principal at Promethean Investments, a private equity fund that is listed in UK's AiM market.

The Burmans have picked up the stake in Apeejay Finance in partnership with Societe Generale, which is seventh largest French company in terms of market capitalisation and is one of the largest financial services groups in the Euro-zone.