IDBI to sell housing arm to Dewan Housing for Rs 325 crore reports CNBC TV18 quoting NW18.
IDBI Homefinance Ltd. is 100% subsidiary of IDBI Bank Ltd. It acquired the entire shareholding of Tata Finance Ltd. in Tata Homefinance Ltd. in September 2003. The name of the company was changed to IDBI Homefinance Ltd. Over the years, the company has taken steps to enhance its retail reach, strengthen brand image, improve asset quality, thereby achieving business growth.
IDBI Bank had earlier decided to sell its home-loan subsidiary with a strategy to consolidate its housing finance business. Since its currently being rolled out by both the bank and IHFL, thereby ending in competition between the two.
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