HDFC buys 41% stake in Credila
Country’s top mortgage lender HDFC today announced acquisition of 41 per cent stake in education loan provider Credila Financial Services — marking its entry into a specialised market estimated at over Rs 30,000 crore.
HDFC is purchasing the 41 per cent equity from DSP Merrill Lynch Capital Ltd, an Indian subsidiary of global financial services major Merrill Lynch.
Commenting on the deal, HDFC’s Senior General Manager (Treasury) V S Rangan told PTI that it was “a very small investment” at less than Rs 10 crore for the company, but marked its entry into a fast-growing market.
“Education loans provide a large business opportunity in the country with more and more people going for higher studies,” Rangan said.
Rangan said the company would disburse loan for studies in India as also overseas.
