CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in the country, announced the completion of the transfer of the gold loan business of Paul Merchants Finance Private Ltd. (PMFL), a wholly owned subsidiary of Paul Merchants Ltd., to LTF. The acquisition includes PMFL’s 130 branches, approximately 700 employees, and business transfer of its gold loan book size of Rs. 1,350 Crore to LTF.
Earlier this calendar year, LTF had announced the proposed acquisition of gold loan business undertaking of PMFL, marking its entry into gold loan business. The gold loan franchise will be an addition to LTF’s portfolio of secured loan products.
Speaking on this occasion, Mr. Sudipta Roy, Managing Director & CEO of LTF said, “We are pleased to announce the completion of PMFL’s gold loan business acquisition. In-line with our five-pillar strategy of enhancing customer acquisition, we continuously endeavour to expand our existing product offerings in a synergistic and contiguous manner.
LTF has one of the largest rural franchises of approximately 1.6 crore rural customers and hence, this acquisition is a natural contiguous cross-sell product extension of our business. Our rural workforce of 20,000 feet-on-street will provide an immediate force multiplier, enabling active generation of gold loan leads within our existing customer base. This is a significant strength that sets us apart from the competition.”
“The gold loans business will fill a crucial gap in our portfolio, introducing a secured, high-yield product that will benefit both our rural and urban customers. This acquisition is not just about expanding our offerings; it’s about solidifying our position as a comprehensive financial partner for our customers across the country,” added Mr. Roy.
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