According to the bank website, the proposed investment will "support the agriculture segment in India by helping L&TF augment its farm equipment financing portfolio. L&TF will match IFC’s investment 3x by contributing up to US$375M for the same end-use, and at least 60% of the combined fund will be utilized for on-lending to the low-income states of India.L&TF is the rural financing focused arm of L&T Finance Holdings which is the financial services holdco of the L&T Group. L&TF loan book comprises of: (i) rural (54%) (ii) real estate financing (18%), (iii) wholesale financing (26%) and (iv) others (2%). The rural book, which is the focus segment of this entity can be further segmented into farm equipment financing, 2-wheeler financing and micro loans. As of December 31, 2018, L&TF’s AUM stood at INR435B (US$6.04B) and equity at INR90B (US$1.25B). IFC may also mobilize additional funding from other investors for the project."
According to IFC, "L&TF is a wholly owned subsidiary of L&T Finance Holdings Limited (L&TFH), the financial services arm of Larsen and Toubro Limited (L&T). L&TFH, through its operating companies, is engaged in rural, housing and wholesale/infrastructure finance as well as investment and wealth management. L&TFH services about 12M customers with pan-India presence. It reports an asset base of over US$14B. L&TFH’s largest shareholder is Larsen and Toubro Limited which is a major global technology, engineering, construction, manufacturing and financial services conglomerate."
L&T Financial Services
Mr. Kumar Ayashkanta
Head-Treasury Strategy & Ratings Group
+91 22 6212 5795
CST Road Kalina, Santacruz (East), Mumbai - 400098, India
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