Burman family acquires strategic stake in DMI Finance

The Burman family, promoters of consumer goods company Dabur, today announced acquisition of a strategic stake in DMI Finance. DMI Finance is a Non-Banking Financial Company (NBFC) specialising in senior-secured lending.

As a result of the investment, Gaurav Burman -- who has 20 years of experience in the financial services industry -- will join the board of DMI Finance. However, the deal size and quantum of stake picked up by the Burman family was not disclosed.

Gaurav Burman is the youngest son of Dabur India chairman Emeritus V C Burman. Established in 2009, DMI Finance was founded by Yuvraj C Singh and Shivashish Chatterjee, both former senior executives of Citigroup, with the aim of participating in the growth of debt markets in India, DMI Finance said in a statement.

Over period of four years the company has built an equity capital base of USD 100 million. DMI Finance acquired an equity stake in Alchemist Asset Reconstruction Company last year and has also recently received a Housing Finance Company licence from the National Housing Board.