The News Scroll 22 January 2020  Last Updated at 2:56 pm | Source: IANS

Adani Capital acquires Essel Finance''s MSME loan business

Adani Capital acquires Essel Finance''s MSME loan business
outlookindia.com
1970-01-01T05:30:00+0530
Adani Capital acquires Essel Finance''s MSME loan business

Mumbai, Jan 22 (IANS) Adani Capital Pvt Ltd, the NBFC arm of the Adani Group, has acquired Essel Finance''s MSME loan business.

Adani Capital on Wednesday said it has a loan book of approximately Rs 145 crore.

"As of December 31, 2019 the overall lending book of NBFC and the housing finance business was Rs 1,100 crore, with the latter contributing Rs 150 crore," the company said.

The gross NPAs as of December 31, 2019 stood at just Rs 2.4 crore, it added.

"The acquisition decision is led by the fact that we operate in similar segments, which is secured lending focused on income-generating borrowers. It is an opportunistic acquisition," said Gaurav Gupta, CEO, Adani Finserve Pvt Ltd.

Adani Capital is a 100 per cent subsidiary of Adani Finserve Private Limited, the holding company of Adani Group''s financial services business.

--IANS

ravi/tsb/bg


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: IANS
Next Story : UP police fails to give evidence, PFI members get bail
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store