Adani Capital Pvt. Ltd, the non-banking financial company (NBFC) arm of Adani Group focused on small and micro-entrepreneurs have acquired Essel Finance’s micro, small and medium enterprises (MSME) loan business. Through the acquisition, Adani Capital has secured a loan book of around Rs 145 crore, operating out of 10 cities, comprising approximately 1,100 customers and 40 employees.
This is the second asset of debt-laden Subash Chandra group that Adani has acquired. In August 2019, Essel Group had announced its intention to sell 205 megawatts (MWs) of its operational solar energy assets to Adani Green Energy Ltd at an enterprise value of Rs 1,300 crore.
“The acquisition complements our existing MSME business and helps us expand to new geographies, including Noida and Chennai,” said Gaurav Gupta, chief executive, Adani Finserve Pvt. Ltd, the holding company of Adani’s financial services business.