Essel Finance, the financial services arm of Dr Subhash Chandra-promoted Essel Group, has increased its stake in Chennai-based VKC Credit & Forex Services Ltd to 70%.
Essel Finance, the financial services arm of Dr Subhash Chandra-promoted Essel Group, has increased its stake in Chennai-based VKC Credit & Forex Services Ltd to 70%.
VKC is a leading RBI-licensed authorised dealer, a Category-II company.
Post the acquisition, the name of the company has been changed to 'Essel Finance VKC Forex Ltd' and RBI has renewed the AD -- Category-II licence of the company in the new name.
Keeping in mind the business plan for the company, its board of directors approved appointment of N Srikrishna as CEO with effect from April 29, 2015. N Nageswaran, MD and S Jagadesh, executive director along with N Srikrishna, will continue to run the business from Chennai.
Essel Finance is currently into real estate private equity, non-banking finance company (NBFC), investment banking and distribution businesses and has a plan to create a large financial service conglomerate.
Amitabh Chaturvedi, managing director of Essel Finance, said, "VKC is a strategic investment for us, as it gives us footprint PAN India amongst corporate and individual customers.".
N Nageswaran, MD & CEO of VKC, said, "The company will now have the scale and capabilities to compete more effectively in the money changing and financial services activity."
With Essel Finance's strategic investment, VKC will get financial strength and a very strong brand for retail acceptance.
"We feel we will be amongst top two forex companies by 2018", said Chaturvedi.
Essel Finance is a financial services arm of Essel Group, one of India's most prominent business conglomerates having diverse presence across media, entertainment, packaging, infrastructure, education, precious metals and technology sectors. At present, Essel Finance is arranged into four business groups – investment banking, private equity, NBFC and distribution.
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