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Adani Capital acquires Essel Finance's MSME loan business
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SME Times News Bureau | 22 Jan, 2020
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.
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