Image: IHC/ X
Abu Dhabi’s International Holding Company (IHC) has announced it will invest $1bn in India’s Sammaan Capital, one of the country’s largest non-banking financial companies (NBFCs), reinforcing its conviction in the sector as a driver of credit access and financial inclusion.
Sammaan Capital, listed on the Bombay Stock Exchange and National Stock Exchange of India, focuses mainly on mortgage lending. It operates 220 branches in more than 150 towns and cities and employs over 4,430 people.
IHC aims to support Sammaan Capital’s new phase of growth
“India represents a core strategic market for us, and its long-term growth fundamentals are compelling,” IHC chief executive Syed Basar Shueb said in a statement. “This $1bn investment reaffirms our commitment to supporting Sammaan Capital in its next phase of development, including the adoption of AI to enhance lending and credit solutions.”
Sammaan Capital CEO and MD Gagan Banga said joining IHC “opens new horizons” for the company. “The alignment in our aspirations is deeply encouraging, and we believe our experienced and dynamic team will drive the next phase of growth with renewed energy and purpose,” he said.
IHC, founded in 1999, is the Middle East’s most valuable holding company with a market capitalisation of Dhs881.6bn ($239.9bn). It has more than 1,300 subsidiaries spanning asset management, healthcare, real estate, financial services and technology.
Founded in 2000, Sammaan Capital has provided over $19bn in home loans to more than 680,000 families and extended $9.5bn of mortgage-backed loans to over 100,000 small businesses.
The deal is subject to approvals from the Reserve Bank of India, the Competition Commission of India and other customary closing conditions.
Read: IHC, RIQ form 10-year alliance, positions Abu Dhabi as key reinsurance hub
