Call it the rush for retail financing. After AIG, Temasek, DB Zwirn and DBS of Singapore, it is the turn of Indian retail honcho Kishore Biyani and rookie businessman Sivasankaran to pocket small NBFC companies to move them as vehicles for consumer finance.
In a recent development, Future Capital (part of the Pantaloon Group) has acquired a small NBFC, Sivagami Finance, for an undisclosed sum, while Sivasankaran has bought the stakes in another NBFC — Abhi Ambi Finance — based in Chennai. The acquisition price of both transactions are not known. However, it is learnt that Ernst & Young was seen advising in both transactions.
RBI Sources confirmed that Future Capital has made an application to buy Sivagami Finance. The acquisition per se is no big deal in monetary terms, but it does indicate the growing appetite of companies to enter the retail financing section.
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