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IARC, established in 2002 by Arun Duggal and M.S. Verma, became a significant player under Blackstone’s Tactical Opportunities Fund—a $40 billion fund. Since September 2017, the fund has invested $75 million across various deals. Despite changes in the market and recent senior management shifts within Blackstone Asia, IARC has maintained a robust position with a net worth estimated at Rs 300 crore and liquid assets between Rs 180-190 crore. Its influential shareholders include founder Duggal, who retains a stake, and it continues to receive support from major industry players like Tata Group and leading private banks.
The decision to sell aligns with broader market adjustments in response to the Reserve Bank of India’s (RBI) new regulatory framework, which includes increased risk weights on unsecured consumer credits. Indian banks have been adapting their strategies accordingly.
The sale attracted interest from several competitors including Shriram Transport Finance and other non-bank financial companies like Capri Global. However, Florintree Advisors, led by Mathew Cyriac and based in Chennai, ultimately outbid these contenders to acquire a controlling interest in IARC.
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