MUMBAI, 11 July 2022: Kotak Mahindra Bank, a private sector lender, announced that it has purchased the portfolio of agricultural and medical equipment financing from De Lage Landen International BV's Indian business (DLL). With this, the bank has acquired 25,000 new clients with a credit balance of roughly INR 582 crore.
Additionally, the bank has received a portfolio of outstanding non-performing assets worth about INR 69 crore. The bank's healthcare finance business, which was established in September 2021, offers funds of up to INR 10 crore to hospitals, laboratories, diagnostic centres, nursing homes, and clinics. Additionally, it supports working capital loans for SMEs, loans for crop loans, and tractor acquisitions.
“Kotak Mahindra Bank’s acquisition of DLL India’s agri and healthcare equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base,” D Kannan, group president of commercial banking, Kotak Mahindra Bank, said.
DLL India will continue to oversee operations until the transfer of the agro and healthcare finance portfolio takes place in phases over the next months. Vendor financing is offered by DLL Group, a division of Rabobank, in the industrial, construction, clean technology, food, healthcare, and agricultural industries.
In this transaction of selling the DLL India portfolio to Kotak Mahindra Bank, KPMG served as the only financial advisor to the shareholders.
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