Hong Kong-based Vistra Group has expanded its operation in India with the acquisition of IL&FS Trust Company Limited (ITCL), a provider of corporate trust services, for an undisclosed amount.
The acquisition will provide Vistra a foothold in the Indian corporate services market, and will enable it to offer a suite of corporate and fiduciary services.
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Founded in 1995, ITCL offers an array of debt market issuances, which includes debentures, bonds and deposits, term loans, external commercial borrowings and private equity / alternative investment funds.
Registered by the Securities Exchange Board of India (SEBI) as a licenced trustee, ITCL extends Fiduciary services to business trusts, structured finance transactions and alternative investment funds in India. It offers services from their offices located in Mumbai, New Delhi, Kolkata, Chennai and Bangalore.
Vistra Group said that Navita Yadav will continue to serve as CEO of ITCL.
Yadav said: "Vistra shares the same values we do and exceeded our hopes for a firm we can combine with and continue our tradition of focused client service, innovative solutions and an environment our employees, clients and associates want to be a part of.
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By GlobalData"Becoming the most preferred international service provider has always been ITCL’s goal, and Vistra offers us the opportunity to keep growing with a wealth of global locations and resources to back us up. Our modus operandi and people remain the same and it will be business as usual for all our employees, clients and ITCL management team. We look forward to our collaboration."
Vistra Group CEO Martin Crawford said: "Vistra has been looking for some time to enter the Indian market, which we see as a key emerging market for our range of services, and ITCL provides the perfect fit. They are a quality organization with large market share and a total focus on client service. Their qualified and professional management team have extensive experience in the sector."
