Kolkata based NBFC Magma Fincorp Limited has acquired the India housing finance and home equity loans business of GE Capital India.
Magma, on an announcement on BSE, stated that it has acquired 100% equity capital of GE Money Housing Finance and the entire home equity loans portfolio of GE Money Financial Services Pvt. Ltd.
GE Money offers loans against properties to Indian customers and it has a network of 20 branches spread across the nation.
It is an affiliate of GE Capital India and has around R660 Cr of loan assets with a net worth of R193 Cr as on March?12.
Its financial services business includes other credit facilities like private label credit cards, personal loans, auto finance and promotional retail finance among others.
Magma Fincorp, incorporated in 1988, is a registered NBFC and operates as a Asset Finance Company. It has a network of 172 branches across 20 states and a union territory and a strong presence in rural and semi-rural regions of India.
The company is also engaged in other portfolio of services including cars & utility vehicles finance, construction & strategic construction equipment finance, SME loans and refinancing services to name a few.
Last year it raised R440 Cr from Kohlberg Kravis Roberts (KKR) and IFC.
In 2007, Shrachi Infrastructure Finance Ltd. (SIFL), a non-banking retail financing company, merged with Magma. Currently, it has 5150 employees.
Magma has also recently formed a JV with HDI Gerling, part of Talanx Group, Germany's third largest insurance group to start a general insurance company in India, which since has received R1 license from the insurance regulator.
In the space recently L&T Finance acquired had agreed to buy French Soci?t? G?n?rale Consumer Finance?s unit - FamilyCredit Ltd. (FCL), a well established NBFC with presence across two-wheeler and auto financing for R120 Cr.
Mahindra & Mahindra Financial Services Ltd. had also sold 12.27% stake in its subsidiary Mahindra Insurance Broker Ltd. to Micro-insurance fund, LeapFrog Financial?s subsidiary - Inclusion Resources Pvt. Ltd. for around R64.33 Cr.
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Magma Fincorp Limited , GE Capital India , GE Money Housing Finance , GE Money Financial Services Pvt. Ltd. , HDI Gerling , L&T Finance , Mahindra & Mahindra Financial Services , NBFC , finance , loans , American , GE , Magma Fincorp Limited , GE Capital India , GE Money Housing Finance , GE Money Financial Services Pvt. Ltd. , HDI Gerling , L&T Finance , Mahindra & Mahindra Financial Services?
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