IHC moves to take control of Indian lender Sammaan in $1 billion deal

Dubai: Abu Dhabi-based IHC is moving to take control of India’s Sammaan Capital in a $1 billion deal that signals a focus on financial services and emerging market growth.

The investment will give IHC a 41.5% stake in the mortgage-focused non-banking financial company, with the group set to become a promoter and take an active role in shaping strategy and board composition.

The transaction is being executed in phases, with 26.9% already acquired and the remaining stake to be secured through warrants over the next 18 months. A mandatory tender offer for up to 26% from public shareholders is also planned, in line with Indian regulations.

Bet on India’s lending demand

The move places IHC at the centre of India’s expanding credit market, where non-banking lenders play a key role in extending financing beyond traditional banking channels.

Sammaan Capital, listed on both the Bombay Stock Exchange and National Stock Exchange of India, operates more than 220 branches across over 150 cities and towns, with a strong focus on mortgage lending. Its reach into underserved segments aligns with rising demand for housing finance and credit access.

India’s economic momentum and regulatory framework have made the sector increasingly attractive to global investors seeking long-term growth exposure.

Building a larger financial platform

The acquisition will sit within Judan Financial, IHC’s newly created financial services platform, which is expected to anchor future expansion in the sector.

Control of Sammaan Capital provides both scale and distribution, giving IHC a foothold in a market where lending demand continues to outpace traditional banking capacity.

Syed Basar Shueb, CEO of IHC, said the deal reflects a longer-term strategy tied to structural growth in India’s financial system. “This milestone marks an important step in our long-term strategy to expand in India’s financial services sector. By becoming a promoter of Sammaan Capital, we are reinforcing our commitment to long-term value creation and supporting a platform that plays a critical role in enabling home ownership and access to credit.”

He added that technology will be part of the next phase. “We see significant opportunities to enhance capabilities, including through the adoption of AI, and to contribute meaningfully to India’s financial ecosystem.”

Capital strength and scale-up phase

Sammaan Capital is expected to benefit from stronger capital backing, which could accelerate its growth trajectory and expand lending capacity.

Gagan Banga, CEO and Managing Director of Sammaan Capital Limited, said the partnership marks a turning point for the business. “We are entering a new chapter for Sammaan Capital. Welcoming IHC as our promoter brings strong alignment in long-term vision, as well as capital strength to support our next phase of growth.”

He said the focus will remain on scaling operations and deepening market reach. “We are confident that this partnership will enable us to further scale our platform, deepen our reach, and continue delivering value to our customers and stakeholders.”

The deal highlights growing Gulf interest in India’s financial services sector, where credit demand remains strong across housing and small business segments.