Centrum Group has acquired the supply chain finance business of L&T Finance. The company is looking at significantly scaling up its lending business and the acquisition comes as a step in that direction.
Jaspal Bindra, executive chairman of Centrum Group, spoke to CNCB-TV18 about the acquisition.
"The best part of the acquisition is that it is going to be profitably accretive from the very first year. So one can say we are paying out of our profits," said Bindra.
"The supply chain business was initiated about a year ago and this acquisition will help it grow eight-fold, he said, adding that the supply chain book would now be Rs 800 crore".
"The acquisition has helped add another 800 new customer relationships and 50 qualified professional that will operate from 16 cities," said Bindra.
He said the company is anticipating huge growth and margins going ahead for this business. "The business is a low risk business and will grow more because of GST," he added.