L&T Finance Acquires PMFL Gold Loan Business
L&T Finance Ltd (LTF) is a leading non-banking financial company in India. The company has recently completed the acquisition of the gold loan business of Paul Merchants Finance Pvt. Ltd. (PMFL), which is a subsidiary of Paul Merchants Ltd. The strategic acquisition of PMFL will enhance the lending portfolio of LTF while strengthening its rural presence.
LTF has acquired PMFL’s 130 operating branches, 700+ employees, and the gold loan book, which is potentially valued at ₹1,350 crore. With this acquisition, LTF is marking its strong entry into the gold loan business.
“The Gold Loan Business will fill a crucial gap in our portfolio, introducing a secured, high-yield product that will benefit both our rural and urban customers,” said Sudipta Roy, the MD and CEO of LTF. He further continued to emphasise, “This acquisition is not just about expanding our offerings; it’s about solidifying our position as a comprehensive financial partner for our customers across the country.”
LTF has approximately 1.6 crore rural customers, making the organisation one of the largest rural franchises. Mr. Roy emphasised how the deal aligns with LTF’s five-pillar strategy. The aim is to enhance customer acquisition and product extensions. Their 20,000+ field workforce will generate leads within their existing customer base.
This acquisition is a part of the broader plan that strengthens LTF’s role as a leading financial partner in various customer segments. PMFL’s Chairman Sat Paul Bansal showed confidence in the acquisition and LTF’s capability to serve their customers and employees transitioning into this new phase.
“We are proud to have built a strong, compliant, and customer-centric gold loan business undertaking, and we believe that LTF is the ideal partner to take this legacy forward,” said Sat Paul Bansal, Chairman and Managing Director of PMFL.
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