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TVS Holdings Ltd announced on Monday that it has completed the purchase of an 80.74% stake in Home Credit India Finance for Rs 554 crore.
Premji Invest and other TVS Holdings associates bought the remaining 19.26%.
With this deal, the group and TVS Credit aim to grow its lending portfolio to Rs 50,000 crore in the next three years, up from the current Rs 33,000 crore.
The company said this acquisition supports its goal of expanding in the financial services sector.
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Sudarshan Venu, Managing Director, TVS Holdings, said, “The acquisition of Home Credit India marks an important milestone for TVS Holdings. We are thrilled to welcome Home Credit India’s talented team and huge customer base of 1.6 crore customers to the TVS family. This transaction underscores our commitment to deliver innovative and inclusive financial solutions. Together with TVS Credit, the Group will now have a lending book of Rs 33,000 Crore, taking us closer to our book-size goal of Rs. 50,000 Cr in the next three years."
“We are confident that this acquisition will help the group strengthen its position in the financial services sector, accelerate scale and profitability and build significant value for all stakeholders” said, TK Kurien, Managing Partner and CIO at Premji Invest.
TVS Holdings expanded into financial services after exiting the real estate sector. The acquisition was funded using money from selling real estate assets and borrowing from capital markets.
The deal is expected to improve collections, reduce costs, enhance digital capabilities and create cross-selling opportunities within the TVS Holdings Group.
About Home Credit India
Home Credit India, a part of Home Credit N.V., has been operating in India since 2012, expanding its reach across the country. It is present in 625 cities with over 50,000 points of sale and 3,800 employees.
The company has served over 1.6 crore customers through both online and offline channels, with assets under management (AUM) of around Rs 5,535 crore as of March 31, 2024.
It mainly focuses on first-time borrowers, offering consumer loans for affordable smartphones and personal loans.
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