Press Releases2015May 05, 2015
Essel Finance completes 70% acquisition in VKC Credit & Forex
Essel Finance, the financial services arm of Subhash Chandra promoted Essel Group, acquired 70% stake in VKC Credit & Forex Services Ltd., a Chennai based leading RBI licensed Authorised Dealer - Category II company. Post the acquisition, the name of the company has been changed to "Essel Finance VKC Forex Limited" and RBI has renewed the Authorised Dealer - Category II license of the company in the new name.« Back
Keeping in mind the business plan for the company, Board of Directors approved appointment of Mr. N Srikrishna as CEO of the company with effect from 29th April 2015. Mr. N Nageswaran, MD and Mr. S Jagadesh, Executive Directors along with Mr. N Srikrishna will continue running the business from Chennai.
Essel Finance is currently into Real Estate Private Equity, NBFC, Investment Banking and Distribution businesses and has a plan to create a large financial service conglomerate. "VKC investment is a strategic investment for us, as it gives us footprint PAN India amongst Corporate & Individual customers." said Mr. Amitabh Chaturvedi, Managing Director of Essel Finance.
Commenting on the acquisition, Mr. N Nageswaran, MD & CEO of VKC said, "The company will now have the scale and capabilities to compete more effectively in the money changing and financial services activity."Â With Essel Finance's strategic investment, VKC will get financial strength and a very strong brand for retail acceptance. "We feel we will be amongst top 2 forex companies by 2018", said Mr. Amitabh Chaturvedi.