Orient Global picks 22.5% in India Info arm for $77m
India Infoline has inked a $76.7 million equity deal by selling stake in its consumer finance subsidiary India Infoline Investment Services (IIIS) to Singapore-based Orient Global. The latter has picked up a 22.5% stake in IIIS.
As per a company release, the capital would be primarily utilised for the expansion of IIIS’s subsidiaries, Moneyline, dealing with personal and auto loans and India Infoline Housing Finance.
Moneyline will leverage the group’s 600-branch network to provide credit to a wide clientele which does not have access to organised credit. Moneyline plans to have an active presence in 60 cities by the end of next year.
ET reported on Monday (November 26) that India Infoline is in talks with foreign investors to raise up to $100 million by selling 26% in its arm.
Richard Chandler, founder and chairman of Orient Global said: “Orient Global is delighted to support the development of India’s financial services sector by providing capital to India Infoline Investment Services.”
Orient Global is a Singapore-based private investment institution focused on building sustainable prosperity through investments in financial and social businesses.
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