In a major development that also reveals the underlying pressures on financing companies in the country, the promoter of Fullerton India Credit Company (FICC), a registered non-banking finance company in India, is looking at exiting India and scouting for a buyer. FICC is a wholly-owned subsidiary of Fullerton Financial Holdings, which in turn is a subsidiary of Temasek Holdings, Singapore.
Fullerton India, which has a net worth of about Rs 700 crore and an asset base of around Rs 3,500 crore, offers all kinds of consumer loans – home, auto and education. Besides, it also offers working capital loans and is also a micro finance provider in rural areas. It has a customer base of over a million across the country.
“The NBFC is approaching various financial services companies with a proposal to buy it out. At a price to book value of 1, a deal may materialise between Rs 700 crore and Rs 800 crore,” a source close to the development told The Indian Express.
No comments:
Post a Comment