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Transamerica Distribution Finance to invest Rs 897m in JV with Apple Finance

Apple Finance Limited and Transamerica Distribution Finance today announced the formation of a joint venture, which introduces for the first time the concept of integrated distribution financing solutions in India.

The joint venture activities would be carried out in the existing vehicle of Whirlpool Apple Consumer Credit Private Limited (Whirlpool Apple). TDF Mauritius Limited, part of Transamerica Distribution Finance, intends to acquire a further seven per cent by subscribing to a fresh issue of equity capital.

The total investment by Transamerica Distribution Finance would be of the order of Rs 897 million. Atul Nishar, chairman of Apple Finance, would be the chairman of the joint venture company.

Transamerica Distribution Finance is a wholly owned subsidiary of the San Francisco, the US- based Transamerica Corporation, one of the world's strongest independent financial services companies. It manages more than $ 50 billion in assets through its insurance, financing, investment, real estate and leasing operations.

Apple is one of the leading non-banking finance companies in India, with a networth of Rs 3.06 billion. As on March 31, its capital adequacy stood at 26.83 per cent as against the minimum of 10 per cent stipulated by the RBI. It is one of the leaders in the Auto Finance Business.

UNI

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