Court proceedings won't affect IHC’s investment plans: Sammaan MD & CEO

‘The proposed $1 billion investment by Abu Dhabi-based International Holding Company (IHC) in Sammaan Capital for over 43 per cent stake in the lender will not be affected by the ongoing court proceedings against the company, said Gagan Banga, managing director and chief executive officer (MD & CEO) of Sammaan Capital, in an interaction with Business Standard on Thursday.

- SUBRATA PANDA

Explaining his optimism, he said that the investor was informed about the case during the due-diligence process, and all potential upsides and downsides were discussed before moving ahead with the finalisation of the investment.

“During the due diligence, it was already in play, and it was also not something that happened many years ago. Therefore, it was not in the trunk of things but in the current flow of things. This was very much in the current flow of things discussed — downsides, upsides, all understood — and then we moved ahead,” said Banga, adding that this (court proceedings) is in no way going to adversely impact the transaction.

“If at all they have only understood the challenges better: why a promoter is required and so on. And that’s always good for me because now they understand the kind of value that they can bring, and the value creation that can happen,” he said.