Vistra buys IL&FS Trust, enters India

Hong Kong-based Vistra Group, one of the top four global trust business players, has made its debut in India thro-ugh an-all cash acquisition of IL&FS Trust Company Ltd (ITCL), the largest independent corporate trust services provider in India.

ITCL administers over Rs 6 lakh crores (i.e. $90 billion) in assets under a gamut of corporate and family office trusteeship services. Its clients include HNIs, government and private sector companies, domestic and foreign financial institutions and other entities that access debt capital and credit markets in India.

It was formerly a subsidiary of IL&FS Group, one of India’s leading infrastructure development and financial services groups.

ITCL’s CEO, Ms Navita Yadav, who will stay on as MD of ITCL, said “Vistra shares the same values as we do and exceeded our hopes for a firm we can combine with and continue our tradition of focused cli-ent service, and an environment our employees, clients and associates want to be a part of.”