L&T Finance Holdings acquires Family Credit for Rs 120 cr
New Delhi: L&T Finance Holdings Tuesday said it has completed the acquisition of auto finance company Family Credit Ltd for Rs 120 crore.
Family Credit, which was a subsidiary of Societe Generale Consumer Finance, has presence across two-wheeler and auto financing, L&T Finance Holdings said in a filing on the BSE.
In October, 2012, L&T Finance Holdings had agreed to pay Rs 120 crore for acquisition.
The acquisition will consolidate company's presence in auto financing business in India, it said.
As of June 30, Family Credit had loan book size of Rs 1,287 crore of which two-wheeler financing constituted 53 percent and car financing 35 percent.
It has 53 branches across 16 states in India and has more than 1,400 dealer outlets with a customer base in excess of 400,000.