Merrill Unit Buying $200 mln Indian Loan Portfolio

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00039076-merrill-unit-buying-200-mln-indian-loan-p/

by Patrick Lunsford, CollectionIndustry.com

An Indian unit of Merrill Lynch said Monday that they have agreed to buy a $200 million portfolio of truck loans from Shriram Transport Finance Co Ltd., a loan provider in southern India.

“Since India is a key market for us, we are developing various businesses, including fund-based business, and this is part of that,” Rajiv Garg told Reuters. Garg is the head of global structured finance and investments at the Merrill unit, DSP Merrill Capital.

Garg also said that the deal would be the largest asset-backed transaction in India for Merrill Lynch.