Mumbai-based Trucap Finance to acquire EZ Capital, open office in Dubai

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Mumbai-based Non-Banking Finance company (NBFC) Trucap Finance Ltd. will soon acquire the retail loan business of New Delhi-based EZ Capital at an expected valuation between USD 23 mln to USD 25 mln. (approx. INR 200 Crores).

Based in North India, EZ Capital provides affordable, secured financing against property to the vast unbanked semi-urban population in India. EZ Capital is currently owned by Vijay Bhandari, Sneh Bhandari, Ashish Bhandari, and Prerna Bhandari. The firm was originally conceived and started by Vijay and Ashish Bhandari, both based in Dubai. It currently operates across 10 branches, with more than 120 employees in New Delhi/NCR and Punjab, India.

Trucap Finance is a Mumbai-based Non-Banking Finance Company, currently listed on the Bombay Stock Exchange. The NBFC has more than 70 branches and provides gold loans and business loans to retail consumers. Trucap Finance now has more than 58,000 borrowers, 13,000 of whom are women.

Atwood Porter Collins, a Trucap Finance director, was formerly a partner of the FrontPoint Financial Services Fund. Atwood was also featured in the Michael Lewis book and movie adaptation "The Big Short"for accurately predicting the global financial crisis of 2008.

Speaking on this latest development, a Trucap Finance spokesperson states that the firm plans to open a representative office in Dubai, if permitted by the Reserve Bank of India and the Central Bank of UAE. The Dubai representative office will focus on non-resident Indians based in UAE.