L&T Finance completes acquisition of Paul Merchants Finance's gold loan business
LTF is one of the leading Non-Banking Financial Companies (NBFCs) in India.
The acquisition includes PMFL's 130 branches, around 700 employees, and the business transfer of its gold loan book size of Rs 1,350 Crore to LTF, the company said in a release.
Sudipta Roy, Managing Director & CEO of LTF, said, '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 around 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,' Roy added.
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.
'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,' Roy said.
Sat Paul Bansal, Chairman and Managing Director of PMFL, said, "We are confident that the customers and employees transitioning to LTF will continue to thrive under its leadership and expansive ecosystem.'
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