India-based nonbanking financial company IFMR Capital Finance Pvt. Ltd. changed its name to Northern Arc Capital Ltd., Press Trust of India reported Feb. 19, citing a press release.

The company said that following the rebranding it will also digitize its business, diversify and create strategic alliances across new markets.

Northern Capital Arc signed an international memorandum of understanding with a global bank and obtained anchor investor interest for its first overseas alternate investment fund, the report added, without providing specific details.

In addition, the company is also in the process of setting up its first overseas joint venture investment, which will offer the Indian company an opportunity to grow its operations globally.