Sachin Bansal Acquires DHFL General Insurance From WGC
DHFL General Insurance from Wadhawan Global Capital (WGC) has recently been acquired by Flipkart Co-founder Sachin Bansal for around Rs 100 crore.
It is a distress sale for WGC, the promoter of bankrupt home financier Dewan Housing Finance.
Bansal has reportedly bought the entire stake in the insurer, held by Kapil Wadhawan-owned WGC. The deal has been routed through Navi Technologies, formerly BAC Acquisitions founded by Sachin Bansalalong with his IIT-Delhi batchmate Ankit Agarwal in 2018. Navi Technologies has been actively scouting for opportunities in BFSI space and is interested in the intersection of technology and financial services. It has also recently bought Bengaluru-based tech consulting firm MavenHive.
Dewan Housing is currently facing bankruptcy resolution in the National Company Law Tribunal (NCLT). Wadhawan Global Capital owns 39 per cent in the mortgage lender. The insurer would manage more than $22 billion of assets through Dewan Housing before it was taken to the NCLT.
