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Udwadia Udeshi & Argus strikes big in Rs 1600+ cr Magma-GE Capital loans buy

A lot of houses
A lot of houses
Exclusive: Udwadia Udeshi & Argus Partners (UUA) have advised Magma Fincorp, which today announced it would acquire home loam portfolios worth more than Rs 1,600 crore from GE Capital India, which was advised by AZB & Partners.

UUA managing partner Krishnava Dutt advised Magma with senior associate Adity Chaudhury and associate Aastha. The firm was formed after Argus Partners, which was co-founded by Dutt in Kolkata in 2009, merged with Mumbai solicitors firm Udwadia & Udeshi early this year.

AZB Mumbai partner Shameek Chaudhuri advised GE Capital.

Magma will buy 100 per cent of the equity in GE Money Housing Finance, which has Rs 660 crores of housing finance loan assets and a net worth of Rs 193 crores, as at 31 March 2012.

It will also acquire the entire home equity loans portfolio of GE Money Financial Services, which had loan assets of Rs 940 crores as at 31 May 2012, reported Mint.

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