Magma Fincorp says acquires GE India home loans

Magma Fincorp , said on Thursday it has acquired home loan portfolios from GE Capital India, a unit of General Electric Co.

The non-banking finance company signed definitive agreements to acquire GE Money Housing Finance and the entire home equity loan portfolios of GE Money Financial Services, Magma said in a filing to the Bombay Stock Exchange.

GE Money Housing Finance and GE Money Financial Services are subsidiaries of GE Capital India. The filing did not give the financial terms of the deals.

Kohlberg Kravis Roberts and Co. and International Finance Corp, an arm of the World Bank, hold significant minority stakes in Magma.

GE Money Housing Finance has loan assets of 6.6 billion Indian rupees while GE Money Financial Services has about 9.4 billion Indian rupees, it said.

Shares of Magma Fincorp were trading 2.29 percent higher at 67 rupees on Thursday, outperforming the Sensex, which was down 0.3 percent.