MUMBAI Nov 8 India's Magma Fincorp,
said on Thursday it has acquired home loan portfolios from GE
Capital India, a unit of General Electric Co..
The Indian non-banking finance company signed definitive
agreements to acquire GE Money Housing Finance and the entire
home equity loan portfolios of GE Money Financial Services,
Magma said in a filing to the Bombay Stock Exchange.
GE Money Housing Finance and GE Money Financial Services are
subsidiaries of GE Capital India. The filing did not give the
financial terms of the deals.
Kohlberg Kravis Roberts and Co. and International
Finance Corp, an arm of the World Bank, hold significant
minority stakes in Magma.
GE Money Housing Finance has loan assets of 6.6 billion
Indian rupees ($122.08 million) while GE Money Financial
Services has about 9.4 billion Indian rupees ($173.86 million),
Shares of Magma Fincorp were trading 2.29 percent higher at
67 rupees on Thursday, outperforming the benchmark index
, which was down 0.3 percent.