Business diary

Indiabulls Housing Finance has purchased the entire 42.5 per cent holding of Amaprop in its subsidiary,Indiabulls Finance Company,for a total sale consideration of Rs 260 crore. Amaprop Limited,a US-based private equity firm,had invested in the equity capital of Indiabulls’ subsidiary under a share purchase agreement. Indiabulls Finance Company is a non-deposit taking NBFC registered with and regulated by RBI. With the purchase of Amaprop’s equity stake,Indiabulls Finance is now completely owned by Indiabulls Housing Finance. Despite the ongoing adverse business and economic environment resulting in substantial erosion in value of most financial companies,Amaprop made a healthy return on its investment.

Electracard enters Nigeria

ElectraCard Services (ECS),a leading provider of software and processing solutions for electronic payment systems,powers e-Revenue Gateway (e-RG),a payment processing and electronic transaction switching company,to launch contactless electronic payments in Nigeria. ECS’ PA-DSS compliant platform will help e-RG to launch programmes with multiple financial institutions and channels like ATM,POS,Internet and mobile phones on the same platform. Contactless,otherwise commonly known as ‘tap & go’ payment cards,are convenient and perfectly aligns to ‘Cashless Nigeria’ initiative of Central Bank of Nigeria (CBN).

Isenberg unveils expansion plans

Isenberg,German bathroom designer brand,with its Indian headquarters in Pune,unveiled its expansion plans for the country. The company with a turnover of about Rs 15 crore this year has about Rs 55 crore orders in hand and plans to achieve a target of Rs 100 crore revenue in three years. With design gaining prominence in the infrastructure industry,Isenberg products have been installed in some of the finest hospitality and realty sites across the country. With a strong portfolio of existing clients,Isenberg plans to associate with 15 new real estate clients over the next year.