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Focusing on financial services

Friday, September 08, 2017

Amitabh Chaturvedi, MD, Essel Finance

Amitabh Chaturvedi is the MD of Essel Finance. With over 26 years of rich experience in the areas of Banking, Asset Management, Investment Banking, and Insurance, he has led several foremost financial companies of India such as Reliance Capital Ltd, ICICI Bank Ltd., Lloyds Finance Ltd. and Dhanlaxmi Bank Ltd. in various capacities. In conversation with Dominic Rebello, Amitabh talks about Essel Finance’s expansion and acquisition plans.

How will things change after the acquisition of Intec Capital’s portfolio? What is the expectation of impact of the Intec deal?
Almost all the business was through acquisition except housing finance and private equity. So, we acquired an NBFC license first, then we grew that business for some time and then acquired Intec Portfolio. Currently we have more than 250 cr of advances and we just bought Intec Capital portfolio for 272 cr, which has received approvals from regulatory bodies. After this integration we have become a company with 530 cr of advances. Intec is into machinery loan. On a small base, growing 2 times or 3 times is very easy. I did one Intec acquisition so my book grew from 240cr to 520cr in 3 months time.

Is Essel Finance planning to acquire Peerless Mutual Fund?
Essel Finance has acquired Peerless Mutual Fund and has received SEBI's approval on the same. That is one business which will grow tremendously. Currently they have around 1000 cr of AUM and I see this 1000 cr rising to atleast 8000 cr by March 2018 the day it becomes an Essel company. The credibility which Essel and its team brings. Our plan is to take it to 25000 cr by March 2019.

Tell us about Essel finance’s expansion plans?
Essel Finance will do only financial services. We may add new line of business like micro finance company, ARC company, digital payment company, etc. anything that has to do with financial services. Our bigger plan is that we will do all lending business, all asset management and all transaction and advisory business. The corpus for the SME fund will be around 300 cr and I plan to invest them all in SME companies, basically emerging companies. But, I will not invest in a start-up company. I'll invest in a company where the net worth is 50 cr or turnover of 100 cr and we will be launching the fund soon and by December we will complete 300 crore of fund raising. Then we will take one year time to invest that money. This money then will be given to small and medium company, the companies that are ready for IPO’s after 5 years. So that is the target segment. So the companies who are in existence for over 15 years, companies which is making profit but require a big push and which is ready for IPO in the next 4-5 years are our target audience. We will close Rs 400 cr real estate PE this March 2018 with 550 cr. After that we will not have a real estate fund. Around 17-18 deals will go up by the end of the year.

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