PPF's Home Credit to sell Indian business to TVS Holdings

TVS Holdings

10/05/2024 16:54

May 10 (Reuters) - Home Credit, the international
consumer finance group of Czech investment firm PPF, will sell
its business in India to a group of investors led by TVS
Holdings  TVSH.NS  for 80 million euros  ($86.14 million), the
companies said on Friday.
    The deal is subject to Indian regulatory approvals and is
expected to close by the end of the year, Home Credit said.
    TVS will acquire an 80.7% stake, Premji Invest will take a
10.8% stake and other investors will own the rest.
    TVS, an Indian conglomerate, said in a release the
acquisition fits its strategy of building its presence in
India's financial sector.
    The sale will mark the exit of Home Credit from India more
than a decade after it entered the consumer finance market.
    It comes as part of a shift to focus on markets in the West
by PPF, which is owned by the richest Czech, Renata Kellnerova,
who took over the group after her husband Petr Kellner died in a
helicopter crash three years ago.
    Earlier this year, Home Credit agreed to sell its business
in Vietnam to Thailand's SCB X  SCB.BK .
 ($1 = 0.9287 euro)

 (Reporting by Jason Hovet in Prague; editing by Jonathan Oatis)
 ((jason.hovet@thomsonreuters.com;))