L&T Finance Holdings Ltd (LTFH), the financial services arm of engineering conglomerate L&T, on Monday announced its foray into the mortgage finance business by acquiring housing finance company Indo Pacific Housing Finance Ltd.
Indo Pacific Housing Finance, earlier known as AIG Home Finance India Ltd, started operations in 2007 and has 34 branches and a loan book size of Rs 193 crore. "LTFH intends to widen the presence of Indo Pacific Housing Finance, both geographically and by customer segments," the company said in a release.
The housing finance arm would operate as a wholly-owned subsidiary of LTFH.
The company's president & wholetime director, N Sivaraman, said, "With this acquisition, LTFH has taken the first step to go beyond its asset finance orientation into the consumer finance domain. We chose to acquire a small, operating business as our route to entry into this market because it brings with it a fully functional operating platform. It is also registered with the National Housing Bank and has an experienced team of mortgage experts. Add to that our national reach — an all-India capacity of sales, credit and service — and you have ideal conditions for quick growth."
LTFH shares closed at Rs 49.10 on the Bombay Stock Exchange on Monday, up 2.83 per cent compared to their previous close.
