Private sector lender Kotak Mahindra Bank on Friday stated it has acquired agriculture and healthcare tools financing portfolio of the Indian subsidiary of world asset finance firm De Lage Landen International BV (DLL). With this, the financial institution has secured 25,000 prospects with a complete credit score excellent of round Rs 582 crore.
The financial institution has additionally acquired an impressive non-performing belongings portfolio of round Rs 69 crore. Launched in September 2021, the financial institution’s healthcare finance division gives funds of as much as Rs 10 crore to hospitals, laboratories, diagnostic centres, nursing houses and clinics. It additionally funds tractor purchases, crop loans, working capital loans for SMEs.
“Kotak Mahindra Bank’s acquisition of DLL India’s agri and healthcare equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base,” D Kannan, group president of business banking, Kotak Mahindra Bank, stated.
The switch of the agri and healthcare finance portfolio will happen in a phased method over the following few months and DLL India will proceed to handle the operations until then. DLL Group, a subsidiary of Rabobank, gives vendor finance in agriculture, meals, healthcare, clear know-how, development, transportation and industrial sectors.
KPMG acted because the unique monetary advisor to the shareholders of DLL India for this transaction of portfolio sale to Kotak Mahindra Bank.
Source: www.financialexpress.com”