AIG Capital India acquires housing fiancé company Weizmann Homes

AIG Capital India will acquire Bangalore-based housing finance company Weizmann Homes Limited. AIG Capital India is the wholly-owned Indian subsidiary of US-based financial services giant American International Group, Inc. the company is being bought from Weizmann Limited, Federal Bank, Asian Investment & Finance Corporation Limited and other minority shareholders. The transaction is expected to close in April 2007.

Weizmann Homes is a 12-year-old, Bangalore-based housing finance company, with a branch network across 33 cities in India.

This is the second acquisition this year by AIG Capital India in the Indian retail finance industry. Earlier, it had earlier acquired a controlling stake in Chennai-based Vivek Hire Purchase and Leasing.

For more, read the press release on Moneycontrol.com.