L&T Finance Makes Strategic Move into Gold Loan Market with Acquisition of PMFL
L&T Finance, a leading non-banking financial company from the Larsen & Toubro Group, has made a giant stride into the gold loan space through acquiring the gold loan business of Paul Merchants Finance Pvt. Ltd for ₹537 crore. This acquisition is a perfect fit that marks the company's entry into the lucrative gold loan market, adding new secured loan products to the company's portfolio and strengthening its position in the financial services industry.
It is a slump sale, with a one-time payment of ₹537 crore along with further adjustments to be made before closing. It shall be completed in the second quarter of FY 2025-26, subject to regulatory approvals. The acquisition also comes with a well-functioning network of gold loan branches strategically placed in high-potential markets such as Chandigarh, Punjab, Haryana, Delhi, Rajasthan, Gujarat, Madhya Pradesh, and Uttarakhand.
Acquisition adds enormous value to L&T Finance's business. Assets under management are ₹1,000 crores, while a customer base in excess of 98,000 active clients makes it significant for the firm. The deal would also incorporate nearly 700 employees and 130 branches for the company in L&T Finance's fold. A state-of-the-art security center is added advantage for continuous 24/7 monitoring at each of the company's branches with respect to their security and integrity.
Sudipta Roy, the MD and CEO of L&T Finance, said that this acquisition is well aligned with long-term sustainable growth with attractive returns for the company. He further added that gold loans would fill very critical gaps in offering secured high-yield products catering both to rural and urban markets.
This acquisition will take L&T Finance's gold loan business 36 months ahead of schedule and gives the company a significant leg up in assets and customer reach. As the gold loan business is gaining momentum in India, L&T Finance has positioned itself to benefit from this strategic move and strengthen its position further in the financial services space.
The acquisition makes its entry into the gold loan sector by L&T Finance reflective of broader trends under which an NBFC spreads its product and revenue streams towards new customers while diversifying this product offering itself.
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