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Aadhar Housing Finance targets to achieve Rs 8,000 crore loan book

Wednesday, December 06, 2017

Aadhar Housing Finance Ltd has announced the successful completion of the merger with DHFL Vysya Housing Finance Ltd. Aadhar Housing Finance Ltd (Aadhar) and DHFL Vysya Housing Finance Ltd (DHFL Vysya) are both subsidiaries of the Wadhawan Global Capital (WGC). The approval received from the National Company Law Tribunal (NCLT), Bengaluru Bench completed the last lap of the merger process which was sanctioned by the National Housing Bank (NHB).

The Corporate Office of the merged entity will remain in Mumbai, and it will retain the name Aadhar Housing Finance Limited (Aadhar) and have a consolidated pan-India presence of 270 branches across 19 states. The operational integration process following the merger has already been completed and Deo Shankar Tripathi, current CEO of Aadhar will continue to lead the merged entity Aadhar as the Managing Director.

The rationale for the merger of the two entities lies in their common business strategy and presence in different geographies of the country. Both, Aadhar and DHFL Vysya provide housing finance to low-income sections but in mutually exclusive locations.

Commenting on the development, WGC Chairman Kapil Wadhawan said, “The merger is a historic leap forward for the two WGC group companies. It has created one of the largest housing finance companies catering to the low-income segment in India. We aim to seize the opportunities ahead through integration of technological best practices and increased investments in people and processes.”

The International Finance Corporation (IFC) will continue to hold its equity stake in the new entity while WGC will hold the majority stake. Aadhar will have a loan asset book of ~ INR 6000 crore - totalling INR 3200 crore outstanding loans of Aadhar and INR 1800 crore loans of DHFL Vysya in FY17. In FY18, the merged entity expects to see its loan book stand at INR 8,000 crore – registering an increase of over 60% in its current loan asset book.

Deo Shankar Tripathi, Managing Director and CEO of the merged entity commented, “Aadhar Housing Finance brings together the assets and strengths of both the organizations creating a unique opportunity to lead India’s affordable housing finance sector. A potential game-changer, I believe the merger is a transformative milestone that will help us maximize value especially in the context of an increasingly competitive marketplace for all stakeholders including our customers and employees. I believe that together with my team, we will be able to contribute significantly towards the ‘Housing for All’ mission.”

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