Orient Global to invest Rs 555 crore in India Infoline
Mumbai, Dec 24 (UNI) Singapore-based investment group, Orient Global will invest Rs 555 crore in financial services company, India Infoline.
Orient Global has picked up 6.48 per cent equity shares in India-Infoline.
The board of India Infoline also noted a further proposed investment by Orient Global of USD 50 million (Rs 197 crore) for a 10 per cent stake (post-money, fully diluted) in India Infoline's insurance subsidiary, India Infoline Marketing Services Ltd (IIMSL).
IIMSL does its business through its two subsidiaries, India Infoline Insurance Services and India Infoline Insurance Brokers.
The capital provided by Orient Global will be used to expand the company's branch network, establish call centres, invest in new technology, setting up training facilities and general corporate purposes.
In November this year, Orient Global invested USD 76.7 million (approximately Rs 300 crore) for a 22.5 per cent stake in India Infoline's consumer finance subsidiary, India Infoline Investment Services.
Speaking
on
the
occasion,
India
Infoline
Chairman
and
Managing
Director
Nirmal
Jain
said,
''As
the
financial
services
sector
in
India
continues
its
extraordinary
growth
path,
India
Infoline
has
emerged
as
a
dominant
player
in
the
broking
and
insurance
distribution
space.
The
capital
provided
by
Orient
Global
will
help
us
to
further
grow
these
businesses.''
UNI