BNP buys 49.9% of India’s Sundaram Home to grow share

BNP buys 49.9% of India’s Sundaram Home to grow share
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First Published: Wed, May 09 2007. 01 16 PM IST
Updated: Wed, May 09 2007. 01 16 PM IST
Sumit Sharma, Bloomberg
Mumbai: Union de Credit pour le Batiment, a unit of BNP Paribas SA, France’s largest bank by market value, said it will acquire 49.9% stake in Sundaram Home Finance Ltd to increase share in India’s growing home mortgage market.
The French mortgage lender will pay Rs1.97 billion ($48.2 million) for acquiring the stake in the Indian company, according to a statement e-mailed from Chennai and Paris.
The two companies expect to get regulatory approvals within three months, the statement said.
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First Published: Wed, May 09 2007. 01 16 PM IST
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