Sundaram Finance to acquire BNP Paribas stake in their two Indian JVs for $143m.

Sundaram Finance, an Indian non-banking finance company, agreed to acquire stake held by BNP Paribas in their two joint ventures for a total consideration of about INR10bn ($143m). Sundaram Finance will acquire a 49.9% stake in Sundaram BNP Paribas Home Finance and a 49% stake in BNP Paribas Fund Services. After the acquisitions, the two joint ventures will become wholly owned subsidiaries of Sundaram Finance. "The financial services sector, specifically the housing finance sector, is poised for significant growth once the consolidation activity which is underway after the recent spate of volatility is completed. Given the strong synergy with the parent's auto lending and related businesses, this will further strengthen our footprint in the retail financial services space," T. T. Srinivasaraghavan, Managing Director of Sundaram Finance, said.