L&T Finance Holdings buys FamilyCredit for Rs 120 cr

L&T Finance Holdings Ltd on Monday said it has acquired FamilyCredit Ltd, an auto finance company, from its French parent for Rs 120 crore. In a filing to the BSE, L&T Finance Holdings said, ‘It entered into definitive agreements with France’s Societe Generale Consumer Finance on 19 October for the acquisition of 100 per cent of FamilyCredit Ltd (FCL), a well established NBFC with presence across two-wheeler and auto financing.’ The consideration to be paid to complete the acquisition is Rs 120 crore, it said. The transaction is subject to regulatory approvals, the statement added. Y M Deosthalee, chairman & managing director of LTFH, said, ‘The business synergises well with our existing retail financing business and provides opportunity for us to further expand our product offering in the consumer finance domain.’