Svatantra Microfin completes amalgamation with Chaitanya India Fin Credit
Kolkata: Ananya Birla-promoted Svatantra Microfin Monday announced that it has completed the amalgamation with Chaitanya India Fin Credit, which it acquired in November 2023 from Sachin Bansal's Navi Group.
With this, Svatantra now manages a consolidated assets under management of about Rs 22000 crore including the gross loan portfolio from its wholly-owned housing finance subsidiary.
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Svatantra said the amalgamation was completed after receiving all necessary approvals from the Reserve Bank of India, the Competition Commission of India (CCI). The National Company Law Tribunal's Mumbai Bench granted its permission on March 12.
"With the integration of Chaitanya’s strong on-ground reach and Svatantra’s technology-first approach, we are building a more robust, multi-product financial institution that can support borrowers across every stage of their journey — from microcredit to secured housing finance," Ananya Birla, founder-cum-chairperson of Svatantra Microfin, was quoted as saying in a press statement issued by the company.
Svatantra now has a consolidated network of 2,200 branches across 20 states and a team of 25000 employees. The merged entity now serves about 5 million customers across India.
With this, Svatantra now manages a consolidated assets under management of about Rs 22000 crore including the gross loan portfolio from its wholly-owned housing finance subsidiary.
Also read: Kotak Bank set to acquire Deutsche's retail business in Rs 4,500-crore deal
Svatantra said the amalgamation was completed after receiving all necessary approvals from the Reserve Bank of India, the Competition Commission of India (CCI). The National Company Law Tribunal's Mumbai Bench granted its permission on March 12.
"With the integration of Chaitanya’s strong on-ground reach and Svatantra’s technology-first approach, we are building a more robust, multi-product financial institution that can support borrowers across every stage of their journey — from microcredit to secured housing finance," Ananya Birla, founder-cum-chairperson of Svatantra Microfin, was quoted as saying in a press statement issued by the company.
Svatantra now has a consolidated network of 2,200 branches across 20 states and a team of 25000 employees. The merged entity now serves about 5 million customers across India.
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