Essel Finance's NBFC arm to buy Intec's Rs 272 crore portfolio

MUMBAI: Essel Finance Business Loans (EFBL) today said it has signed an agreement with Intec Capital to acquire latter's Rs 272 crore worth of portfolio and bank liability.

Through the deal, Intec Capital will get 17.5 per cent stake in the NBFC business of Essel Finance.

"Post this acquisition, we will cross loan portfolio of Rs 500 crore and have a large pan-India customer base. The banking relationship of loan portfolio will help us in faster growth," Essel Finance managing director Amitabh Chaturvedi said in a statement here.

EFBL will also acquire Rs 180 crore of the bank liabilities of Intec Capital.

Intec Capital is currently engaged in the business of providing loans for acquisition of machinery, loans against collateral and loans for business functioning.

The transaction is expected to be completed after concurrence from the bank and regulatory authorities, the company said.