Centrum Financial Services to acquire L&T Finance’s supply-chain lending biz
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Centrum Financial Services Ltd is set to acquire the Rs 800 crore supply-chain lending business of L&T Finance Ltd, according to a stock-exchange disclosure.

The financial details of the deal, expected to close by year-end, were not disclosed.

Centrum Financial Services, a subsidiary of Mumbai-listed Centrum Capital, offers commercial finance, structured credit, supply chain and real estate finance to small, micro and medium enterprises. L&T Finance, whose supply-chain lending business has a workforce of 50 professionals, and operates out of 16 cities in India, is a unit of L&T Financial Services (legal name L&T Finance Holdings Ltd).

As of 30 June, L&T Financial Services had an overall loan book size of Rs 86,571 crore, comprising of rural, housing and wholesale finance.

"Within the wholesale finance book, L&T Financial Services continues to focus on renewables, roads and transmission sectors, where we have a leadership position," said Virender Pankaj, chief executive of wholesale finance at L&T Financial Services.

Centrum Group has both bought and sold units in recent times.  

In November 2017, Centrum Group had acquired FirstRand Bank India’s microfinance business to enter this segment.

In April, Centrum Capital agreed to sell its foreign exchange unit Centrum Direct to US-based software firm Ebix Inc. 

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