IIFL buys controlling stake in KadaiEshwar Housing Finance

72

India Private Equity Fund has acquired nearly three fourth of the total share holding in the KadaiEshwar Housing Finance which is a non-banking finance company for nearly Rs. 100 crore.

iNICU Funding Startup News Update

At the same time, the application for the certificate of registration has also been submitted to the central bank and the new venture is controlled by IIFL PE is expected to hit the market at the beginning of 2019 in the month of January.

The NBFC was launched by C. Ilango, former MD at home finance company Can Fin Homes. With the focus on the backing professionals and the entreprenuers, the IIFL Asset Management had also launched its new fund -IIFL India Private Equity Fund in the month of May keeping a target mately 2000 crores.

ALSO READ: Driverless Taxis to run on Dubai roads

IIFL Asset Management has an AUM of nearly $5 billion as on 31st March 2018. IIFL AMC is operating in areas of Mutual Funds, alternative investment funds, venture capital funds, fixed income securities and real estate. Ilango also confirmed the development, but refused to disclose the other details.

The spokesperson at IIFL on the other hand told that, “We have done our due diligence with a couple of professional entrepreneurs and their companies and are awaiting approval from regulatory authorities. At this point in time, we would not be in a position to comment on any investment until they are consummated.

IndiQube Funding Startup News Update

During Ilango’s CEO tenure at Can Fin Homes, the loan book expanded five times to Rs 11,000 crore, while profit surged about four times to Rs 157 crore, said one of the persons cited above.

The PE investors are continuously tying up with the industry veterans for setting up the growth platforms in India. The Global Investors like the Goldman Sachs and the Mitsui Global Investment had previously backed the former MD of Godrej Consumer Products, A. Mahendran, in the year 2014 for setting up his company Global Beverages and Foods. Goldman has also backed Sumant Sinha for setting up the Renew Power.

ALSO READ: The Success Story Of Tolaram Group and Vasvani Family