L&T Finance Holdings on Tuesday said it has completed the acquisition of auto finance company Family Credit Ltd for Rs 120 crore.
Family Credit, which was a subsidiary of Societe Generale Consumer Finance, has presence across two-wheeler and auto financing, L&T Finance Holdings said in a filing on the BSE.
In October 2012, L&T Finance Holdings had agreed to pay Rs. 120 crore for acquisition.
The acquisition will consolidate company’s presence in auto financing business in India, it said.
As of June 30, 2012, Family Credit had loan book size of Rs 1,287 crore of which two-wheeler financing constituted 53 per cent and car financing 35 per cent.
It has 53 branches across 16 states in India and has more than 1,400 dealer outlets with a customer base in excess of 400,000.