L&T Finance Holdings has forayed into housing finance by acquiring Indo Pacific Housing Finance Ltd. The financial details of the transaction were not disclosed.
Indo Pacific Housing Finance was formed in 2007 after Singapore based Pasha Ventures acquired AIG Home Finance India Limited in October 2010. AIG Home Finance India Limited was earlier named Weizmann Homes Ltd, promoted by Weizmann group. AIG acquired the company in June-2007 through AIG Capital India Private Limited - the holding company for AIG Home Finance India Limited) after which the name of the company was changed to AIG Home Finance India Ltd.
Singapore based Pacific Century Regional Developments Ltd owns 74% stake in Pasha Ventures while Aman Mehta and Akash Mehta own 26% stake in the company. Indo Pacific Housing Finance has a loan book size of R193.5Cr. It has 34 branches, primarily in the southern and western regions.
L&T Finance, a subsidiary of L&T, is the holding company for the financial services business of the group. It is the holding company for L&T Infrastructure Finance Company Ltd (infrastructure financing business), L&T Finance Ltd (retail and corporate finance business) and L&T Investment Management Ltd (mutual fund business).
L&T raised R1200Cr through an IPO last year. It also raised R330Cr ($75Mn) in pre-ipo placement, from US-based PE fund, Capital International.
In 2010, it acquired DBS Cholamandalam entering the highly competitive mutual fund market.
There has been speculations that L&T may acquire EFG’s $250m private wealth portfolio after EFG announced it's intentions to exit Indian Market. Earlier this year, EFG's Manoj Shenoy and 12 private bankers moved to L&T Finance Holdings.
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