INH Mauritius to sell 49% stake in JMFCS to JM Financial for Rs 30 bn

08 Jul 2024 CW Team

Former Citigroup CEO Vikram Pandit is set to exit the real estate financing business established by veteran dealmaker Nimesh Kampani. INH Mauritius, an investment fund managed by Pandit, will sell its 49% stake in JM Financial Credit Solutions (JMFCS) to Kampani's JM Financial in a deal valued at approximately Rs 30 billion.

Following the sale, Pandit will step down as chairman of the mid-tier NBFC. The transaction will increase JM Financial's stake in JMFCS from 47% to 96%, with the remaining 4% held by Moraine Master Fund and Aparna Aiyar, wife of Pandit's business partner Hariharan Aiyar. Hariharan will also step down from the JMFCS board following the shareholding change.

JM Financial, which has faced regulatory restrictions from managing debt issues and offering loans against shares due to governance lapses, will acquire 43% from INH Mauritius for Rs 12.82 billion in the first phase of the transaction. This deal will be financed through JM Financial's internal accruals, which amount to over Rs 40 billion.

Sources indicate that INH is exiting JMFCS as the fund's lifespan is coming to an end. INH Mauritius initially invested in JMFCS in fiscal 2015 and subsequently acquired more shares in 2017 and 2018, investing a total of Rs 9.5 billion. This marked Pandit's first investment in India's financial services sector. He also holds a 1.2% stake in the listed JM Financial.

The Rs 30 billion deal valuation is lower than JMFCS's net worth of Rs 42 billion, attributed to under-recoveries in real estate financing not yet reflected in the books, stemming from stress on developers.

Additionally, JMFCS will acquire a 72% stake in an asset reconstruction company from JM Financial for Rs 8.56 billion, increasing its stake in JMFARC from 10% to 82%.

(Source: ET& TNN)

Infrastructure Transport

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..