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23/01/2020 01:32pm

Adani Capital takes over Essel Finance’s MSME loan business

image Adani Capital takes over Essel Finance’s MSME loan business

New Delhi, Jan 23 (KNN) Business tycoon Gautam Adani-controlled Adani Group’s Non-Banking Financial (NBFC) arm has acquired Essel Finance’s Micro, Small and Medium Enterprise (MSME) loan business.

According to a statement, Adani Capital Pvt. Ltd secured a loan book of about Rs 145 crore with this acquisition. It didn’t give any other financial details.

Essel Finance’s MSME vertical has about 1,100 customers and 40 employees in 10 cities.

Adani Capital is a 100% subsidiary of Adani Finserve Pvt. Ltd, the holding company of Adani Group’s financial services business.

MGB Business Advisors Pvt. Ltd was the financial adviser on the transaction while Cyril Amarchand Mangaldas was the legal adviser, the statement added.

This is the second deal between Adani Group and media tycoon Subhash Chandra-controlled Essel Group. It comes at a time when Essel is trying to lower its debt burden, which stood at more than Rs 16,200 crore last year.

In August 2019, Adani Green Energy Ltd acquired 10 operating solar energy assets of the beleaguered Essel group’s Essel Green Energy Pvt. Ltd and Essel Infraprojects Ltd for an enterprise value of Rs 1,300 crore ($181 million) in an all-cash deal.

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