AIG Capital India to takeover Vivek Hire Purchase

Mumbai, Dec 19 (UNI) AIG Capital India Pvt Ltd, a wholly-owned subsidiary of AIG Capital Corporation of United States, today said it has signed an agreement to acquire a controlling stake in Vivek Hire Purchase&Leasing Ltd, a non-banking finance company offering consumer finance in the country.

Subject to regulatory approvals, the transaction is expected to close early next year, AIG said in a statement.

AIG Capital India will acquire 75 per cent ownership stake and management control of the Indian NBFC whose promoters will retain a 25 per cent stake, the statement said, adding Vivek also signed a retailer co-operation agreement for the mutual benefit of both companies.

UNI SA AG1836