Everstone-backed IndoStar to buy IIFL's vehicle financing business.

Everstone-backed non-banking financial company IndoStar Capital Finance agreed to acquire the commercial vehicle financing business of India Infoline Finance, a subsidiary of IIFL Holdings. Financial details of the acquisition were not disclosed. This acquisition would catapult IndoStar into becoming a leading player in the attractive high growth CV financing space and help it to build a diversified profitable lending book with a product mix comprising CV finance, corporate lending, SME business loans and affordable housing loans, it said in a statement. "This strategic acquisition, which is profit accretive from day one, helps IndoStar to significantly accelerate timelines in achieving our goal of becoming the leading retail finance NBFC having a diversified and profitable asset book with strong growth prospects," R. Sridhar, executive vice-chairman & CEO, IndoStar Capital said.