L&T Finance completes acquisition of Family Credit

L&T Finance Holdings today said it has completed the acquisition of Family Credit Limited (FCL) from French company Society Generale

L&T Finance had announced the acquisition of Family Credit for Rs 120 crore in October last year.

The acquisition will consolidate its presence in auto financing business in India, the company said.

As of June 30, FCL had loan book size of Rs 1,287 crore of which two-wheeler financing constituted 53% and car financing 35%.

It has 53 branches across 16 states in India and presence in more than 1,400 dealer outlets with a customer base in excess of 4,00,000.