L&T Finance Holdings Ltd (LTFH) today said it has acquired FamilyCredit Ltd, an auto finance company, from its French parent for Rs 120 crore.
In a filing to the BSE, L&T Finance Holdings said, "It has entered into definitive agreements with France's Societe Generale Consumer Finance on October 19 for the acquisition of 100% of FamilyCredit Ltd (FCL), a well established NBFC with presence across two-wheeler and auto financing."
The consideration to be paid to complete the acquisition is Rs 120 crore, it said.
The transaction is subject to regulatory approvals, the statement added.
Y M Deosthalee, Chairman & Managing Director of LTFH, said, "The acquisition synergises well with our existing retail financing business and provides us an opportunity to further expand our product offering in the consumer finance domain."
The acquisition will consolidate LTFH's presence in auto financing business in India, it said.
As of June 30, FCL had loan book size of Rs 1,287 crore of which two-wheeler financing constituted 53% and car financing 35%.
It has 53 branches across 16 states in India and presence in more than 1,400 dealer outlets with a customer base in excess of 400,000.
Shares of L&T Finance were trading higher by 0.46% at Rs 54.30 on the BSE at 1145 hrs.
