Asia Motorworks acquires FamilyCredit from Société Générale

"Acquisition of FamilyCredit gives us a pan India asset finance franchise," Asia Motor Works MD said.

Written by Agencies | New Delhi | Published: March 13, 2012 6:00:17 pm

Mumbai-based commercial vehicles maker Asia Motorworks today said it has fully acquired FamilyCredit Ltd from France’s Société Générale Consumer Finance for an undisclosed sum in an all-cash deal.

“The acquisition of FamilyCredit provides us a pan India asset finance franchise,” Asia Motor Works Managing Director Anirudh Bhuwalka said in a statement.

Kolkata-headquartered FamilyCredit is a Non-Banking Financial Services Company (NBFC). It was a wholly-owned subsidiary of Société Générale Consumer Finance,a division of the Specialised Financial Services of Société Générale Group,France.

As per information available on its website,the company has over 3,00,000 customers as on March 31,2011 with 53 outlets in 17 states and two Union Territories in India. It is into providing loans for new and used cars,along with two -wheelers.

“We are committed to build upon the FamilyCredit platform to expand into commercial vehicle financing,” Bhuwalka said.

Ambit Corporate Finance was the investment banker for the transaction,the statement said.

In a separate statement,AMW said its arm AMW Auto Components has bagged a “multi-million dollar order” from Volkswagen Brazil for supply of wheel rims from 2013.

It,however,did not disclose the quantum of rims to be supplied and the tenure of the contract.

The company said last year it had won fresh orders from global OEMs such as GM Brazil and Iveco Brazil.

In February this year,the company produced 2,00,000 wheel rims,its highest ever monthly production since the start of commercial production in 2010,it added.

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