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Construction : Deals | October 2012 | Source : Construction Update

L&T Finance buys Indo Pacific Housing for Rs 110 cr

L&T Finance Holdings, the non-banking financial company of engineering giant Larsen & Toubro on October 10 said it has successfully completed the acquisition of Indo Pacific Housing Finance (IPHF) for Rs 110 crore.

L&T Finance Holdings has completed the acquisition of IPHF and the consideration to be paid is Rs 110 crore, which will be subject to the closing audit, the company said in a statement. Earlier on March 12, L&T Finance Holdings (LTFH) had announced the signing of the definitive agreement for the said acquisition.

L&T Finance Holdings president and Whole-time Director N Sivaraman
said that considering the synergy benefits derived from the existing infrastructure and reach of LTFH along with the well experience team at IPFH, the company look forward to build a robust book over the next 5 years.

The acquisition furthers lends to L&T Finance Holdings' philosophy of being a broad range financial services provider by opening up a new asset category and will facilitate the company to explore both complementary geographies and customer segments. The acquisition is likely to help L&T Finance enter the housing finance business by expanding the network of IPHF.

IPHF had a loan book of Rs 161 crore for the year ended March 2012, primarily consisting of loans to self-employed and low income category borrowers.
 
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