Centrum Financial Services Ltd., a unit of India-based Centrum Capital Ltd., agreed to acquire the supply chain finance business of L&T Finance Ltd., a subsidiary of L&T Finance Holdings Ltd., for an undisclosed sum.
The move will enable Central Financial Services to tap into the supply chain business space, as well as provide the company lucrative cross-sell opportunities, according to Sept. 5 stock exchange filings.
The deal is expected to be completed by the end of 2018 unless both parties agreed to extend the deal.
L&T Finance's supply chain business offers working capital finance to entities that are suppliers to large industrial manufacturers and original equipment manufacturers. It has a loan book of about 8 billion Indian rupees, a staff of 50 professionals and operates out of 16 cities in the country.
As of Sept. 5, US$1 was equivalent to 71.63 Indian rupees.