AMW has announced the acquisition of a 100 per cent stake in FamilyCredit Ltd. from Société Générale Consumer Finance.
Based in Kolkata, FamilyCredit is a leading consumer finance company engaged in financing of two-wheelers and automobiles as well as distribution of insurance products to its client base. It has a clientele of over four lakh customers and is a preferred financier for leading two-wheeler and automobile manufacturers across the country.
According to Mr. Anirudh Bhuwalka, Managing Director, Asia MotorWorks, “the acquisition of FamilyCredit provides us a pan-India asset finance franchise; we are committed to build upon the FamilyCredit platform to expand into commercial vehicle financing.”
Commenting on the deal, Mr. Sandeep Soni, former Managing Director at Citigroup who led the transaction for AMW, said: “The acquisition offers on opportunity for the group to enter the fast growing commercial vehicle financing business and other related asset classes by expanding the business franchise of FamilyCredit.”