The sale is part of Citigroup’s strategy to off load its non-core assets following the global financial crisis.
CitiFinancial India’s portfolio includes personal, home and consumer durable loans to retail borrowers.
According to Business Standard, if the deal materializes, Centrum is likely to pump INR1bn to INR1.35bn for buying the assets.
The financial services firm is aid to have received commitment from two private equity players for INR2.25bn to INR3.5bn, and the remainder is planned to be raised through loans from domestic banks, Business Standard reported.
According to rating agency Crisil, CitiFinancial India had posted a net loss of INR4.59bn on a total income of INR16.81bn for the financial year ended 31 March 2010.
Centrum Group is also evaluating the portfolio of a South India-based non-banking financial company, Apart from CitiFinancial India’s portfolio, according to the Business Standard.
