Home Credit Group agrees to sell 100% of its India business

Prague, May 10: International consumer finance provider, Home Credit Group today announced its intention to sell 100% of its Home Credit India Finance Private Limited (“Home Credit India”) business to a group of investors led by Indian conglomerate, TVS Holdings Limited (“TVS Holdings”).

TVS Holdings will acquire an 80.7% equity stake of Home Credit India; Premji Invest is expected to take an approximately 10.8% stake and other various minority investors will hold approximately 8.5% of the business.

The deal is subject to Indian regulatory approvals and is expected to close by the end of 2024.

Under the terms of the deal, Home Credit Group will sell its Indian assets for a total consideration of approximately €80 million. The completion of this transaction will see Home Credit Group exit from the financial services sector in the Indian market.

“Home Credit India is a longstanding member of the Home Credit family,” said Radek Pluhar, CEO Home Credit Group. “Since launching in the market over a decade ago, we have served millions of Indian customers and empowered local consumers with our innovative and responsible financial products. In addition, we have engaged millions of Indians nationwide to help improve their financial literacy.”

The TVS Holdings is a leading Indian conglomerate, which includes finance, insurance and two-wheeler business divisions based in Chennai. The transaction will allow TVS Holdings to further enhance its presence in various areas of the country and expand its financial customer base.

ENDS

Notes to Editors

About Home Credit India

Home Credit India Finance Private Limited is a local arm of the international consumer finance provider Home Credit N.V. with operations spanning Europe and Asia. The company is committed to driving credit penetration and financial inclusion in India by offering wide financial solutions that are simple, transparent, and accessible to all. Home Credit India has an employee base of 3,800 and has been consistently expanding operations since its entry to the market in 2012, with its operations spread over 625 cities across India. The company has a strong network of over 50,000 points-of-sale (PoS) and is growing with a customer base of more than 16 million, driven by Pan-India expansion across major markets, a range of diversified and innovative products backed by superior customer experience.

About TVS Holdings:

TVS Holdings (BSE: [], NSE: []) (formerly known as Sundaram Clayton Limited) (‘TVSH’ or ‘the Company’) (BSE: 520056 and NSE: TVSHLTD) is registered with the Reserve Bank of India (‘RBI’) as a Core Investment Company (‘CIC’) to carry on the business of Non-Banking Financial Institution (‘NBFC-CIC’) without accepting public deposits.

Communications Contact

Home Credit Group – doman@ppf.cz