L&T Finance Holdings Ltd is entering the home finance business by acquiring Indo Pacific Housing Finance Ltd (IPHF), for which it has signed definitive agreements.
Indo Pacific Housing, which has 34 branches, mainly in the southern and western regions, has a loan book of Rs 193.5 crore, according to its latest balance-sheet. According to L&T Finance, the acquisition will synergise with its financial services businesses.
In a statement to the stock exchanges, L&T Finance said it plans to expand the presence of Indo Pacific Housing both geographically and by customer segments.
According to Mr N. Sivaraman, President and Wholetime Director of L&T Finance, the coming together of an existing home finance company with experienced staff and L&T Finance, which has national reach would create an ideal growth platform.
Mr Y.M. Deosthalee, Chairman & Managing Director, LTFH, saw the mortgage and loan against property business as "the logical next step in building the L&T franchise in the home owners’ market".