your password has been reset successfully, Please login again.

IFC Carries Out INR 3,769 Round in L&T Finance

The financial services provider has already received the first tranche of $275 million from its investors, L&T Finance said in its statement.
BY BEx Bureau
BusinessEx
Jul 06, 2019

IFC (International Finance Corporation) has carried out INR 3,769 investment round in LT Finance, an investment arm of LT Finance Holdings, according to a media report.

The financial services provider has already received the first tranche of $275 million from its investors, LT Finance said in its statement.

Besides other investors, US-based IFC invested $ 125 million in the finance company.

BNP Paribas, Citibank and DBS Bank will also take part in the round, LT Finance told the daily news, VC Circle.

According to above-cited media reports, the finance company has said it will use the capital, being raised through external commercial borrowings, to expand its farm equipment finance portfolio by providing loans to farmers looking to acquire equipment to modernise their processes.

Part of its strategy involved lending to customers who did not have access to last-mile credit, MD and CEO of LT Finance Holdings, Dinanath Dubhashi told the daily news.

Dubhashi added, The investment from IFC and other investors reaffirmed the companys growth plans and its ability to diversify its liabilities.

Addressing the large rural finance gap and supporting the modernization of agriculture are key components in sustaining Indias growth story, Group Manager ofIFC South Asia financial institutions, Hemalata Mahalingamtold the daily news.

Please add your Comment
SIMILAR News
October 21, 2019
The company plans to employ fresh funds to establish a second campus in Mumbai by the end of this ye ...More
By Jaspreet Kaur
October 21, 2019
Following the investment, the Tamil Nadu-based firm, Dindigul Thalappakatti is pegged at around INR ...More
By Jaspreet Kaur
October 19, 2019
Elores is essentially a novel drug combination that helps to treat life-threatening infections. ...More
By Jaspreet Kaur
October 18, 2019
Remedico is essentially a component of Venture Catalysts’ focused healthcare accelerator, Healthcare ...More
By Jaspreet Kaur
October 17, 2019
BASF is reportedly collaborating with partner firms to assess the feasibility of petrochemical compl ...More
By Jaspreet Kaur
October 17, 2019
With this funding round, the company has gathered INR 70 crore funds to date. ...More
By Jaspreet Kaur
October 14, 2019
Singapore-headquartered e-commerce company, Shopmatic Pte Ltd has wholly acquired SaaS startup, Comb ...More
By Jaspreet Kaur
October 14, 2019
CarDekho, the online platform has created an ecosystem to help its consumers to buy and sell cars ef ...More
By Jaspreet Kaur
October 11, 2019
By Jaspreet Kaur
October 10, 2019
The company targets on middle, as well as low income demographic, relating to Tier-II and Tier-III c ...More
By Jaspreet Kaur
October 10, 2019
Mental health startup firm, NeuroLeap has obtained funding from Sminu Jindal, Managing Director of J ...More
By Jaspreet Kaur
October 08, 2019
Axis Asset Management Company-led realty fund will infuse in an affordable housing project in Bengal ...More
By Jaspreet Kaur