DBS targets consumer finance in India
(30 January 2006 – India) Singapore’s DBS has taken a 37.5 percent stake in India’s Cholamandalam Investment and Finance Company in a bid to push into India’s consumer finance market.
Twenty percent of DBS’s stake has been acquired through an open offer from the public with the remaining 17.48 percent from Tube Investments of India.
DBS has effectively become an equal partner along with the Murugappa Group, which is the parent company of Tube Investments.
Cholamandalam Investment and Finance Company chairman MA Alagappan said the joint venture with DBS marked the beginning of a new and exciting phase of growth for the company.
The new company will be called Cholamandalam-DBS Finance Ltd.
DBS has effectively become an equal partner along with the Murugappa Group, which is the parent company of Tube Investments.
Cholamandalam Investment and Finance Company chairman MA Alagappan said the joint venture with DBS marked the beginning of a new and exciting phase of growth for the company.
The new company will be called Cholamandalam-DBS Finance Ltd.
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