Tuesday, 12 April, 2016

Vistra expands to India with ITCL acquisition

Vistra today announced the acquisition of IL&FS Trust Company Limited (“ITCL”), the largest independent Corporate Trust Services provider in India, with head office in Mumbai. ITCL was formerly a subsidiary of IL&FS Group, one of India’s leading infrastructure development & financial services groups.

ITCL was founded in 1995 and has since then grown to become the most important brand name in the Trust & Fiduciary services space in India. Laws in India mandate all Issuers of listed bonds and debentures to appoint an independent trustee to safeguard the interests of investors. ITCL, registered by the Securities Exchange Board of India (SEBI) as a licenced trustee, has significant market share in the area of Debenture Trusteeship and Alternative Investment Funds. ITCL caters to full range of debt market issuances including Debentures, Bonds as well as Deposits, Term Loans, External Commercial Borrowings and Private equity / Alternative Investment Funds. ITCL has been an innovator in extending Fiduciary services to Business Trusts, Structured Finance transactions and Alternative Investment Funds in India.

ITCL CEO, Ms Navita Yadav, will stay on as Managing Director and comments on the acquisition:

“Vistra shares the same values we do and exceeded our hopes for a firm we can combine with and continue our tradition of focused client service, innovative solutions and an environment our employees, clients and associates want to be a part of.  Joining the Vistra Group is the perfect next step in the further development of our services and expertise for the benefit of our clients. Becoming the most preferred international service provider has always been ITCL’s goal, and Vistra offers us the opportunity to keep growing with a wealth of global locations and resources to back us up. Our modus operandi and people remain the same and it will be business as usual for all our employees, clients and ITCL management team. We look forward to our collaboration.”

 

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