New Delhi: Ananya Birla, daughter of Indian billionaire industralist Kumar Mangalam Birla, is in talks as she inked a deal worth Rs 1,479 crore, to acquire Chaitanya India Fin Credit Private Limited, a wholly-owned subsidiary of Navi Group. The deal will wind up by the end of 2023.
Ananya, an Indian singer, popularly known for her song ‘Meant to Be’, is taking her company Swatantra Microfin Private Limited to the next step. By acquiring Chaitanya India Fin Credit Private Limited, her company Swatantra Microfin will become the second-largest microfinance company in the country.
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According to the media reports, the company will have a customer base of more than 36 lakh active customers, having its 1517 branches in 20 states.
What does Birla have to say?
As she takes the next step, Birla said, “The proposed acquisition will propel Svatantra to a significant leadership position. The combined entity will command a substantial reach, enabling the delivery of a diverse array of financial services to our clients across a geographically diverse portfolio. We are committed to being a responsible lender, and I believe our synergistic strengths and shared ethos will accelerate our ongoing journey to create a unique, valuable and impactful financial services entity.”
Chairman and Chief Executive Officer of the Navi Group Sachin Bansal, showed contentedness with the deal as he highlighted Chaitanya’s growth, which over four years enlarged to nearly six-fold; accessing rural parts of India with the credit facilities.
The transaction was assisted by JM Financial Limited, serving as Navi’s exclusive financial advisor.
More about Chaitanya
Chaitanya India Fin Credit Private Limited, headquartered in Bangalore, karnataka, aims at providing financial stability to families falling in the category of the middle class in India. The company is currently functional in 12 states- Karnataka, Maharashtra, Bihar, Jharkhand, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Rajasthan, Gujarat, Odisha and Haryana.
Chaitanya India Fin Credit wants to build a financial base for more than 1 Million rural lives, the company operates to bring a positive change into the lives of rural India through financial services.
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