Manappuram foraying into housing, micro, vehicle lending biz
Company to infuse Rs 100 crore capital each in micro finance and housing finance businesses besides looking at re-enting vehicle loan financing segment
Nov 11, 2014
Source : dnaindia

 

Mumbai: Looking to focus beyond its traditional gold financing business, Kerala-based Manappuram Finance has decided to dabble in to other segments of lending business beginning next year. The non-banking finance company is venturing into three areas -- microfinance, home loans and vehicle financing early next year, groundwork for which has just been completed.

After acquiring a housing finance licence through a shell company and a micro finance outfit recently, Manappuram would be infusing equity into these capital-starved businesses and grow them nationwide. There are also plans to revive vehicle financing after a 5-year gap, said V P Nandakumar, managing director and chief executive officer.

The company recently signed a non-binding pact to acquire majority holding in Asirvad Microfinance, a RBI-registered NBFC-MFI operating in Tamil Nadu, Kerala, Odisha, and Gujarat.

"The micro-finance company has a portfolio of Rs 2,000 crore but is starved of capital. We will infuse Rs 100 crore of capital there and would expand the company in central and western India," Nandakumar said on the sidelines of a conference organised by Indian Chamber of Commerce.

Earlier his year, Manappuram Finance had acquired Milestone Home Finance, a shell outfit with licence to undertake housing finance business.

"We don't have a portfolio yet as the HFC is a shell company. But we have our team ready now and would start lending immediately tapping our gold loan customers. Here too, we would infuse Rs 100 crore of capital," he said.

Manappuram had stopped giving vehicle loans about 5 years back when it was one of its key business verticals. "The business was lying dormant for all these years. With signs of revival in the economy we plan to restart this business again," Nandakumar said.

Latest Realty News

As LMC cracks whip, defaulters make beeline to pay dues
Nov 11, 2014
Lucknow: The Lucknow Municipal Corporation had only cracked the whip on big tax defaulters, which includes businessmen, builders, contractors and traders
After 13 years, property tax set to go up in Ghaziabad
Nov 11, 2014
GHAZIABAD: Residents of Ghaziabad could soon be coughing up more as property tax, with the municipal corporation proposing a hike in rental values across the city
DDA Housing Scheme 2014: Draw Likely on Wednesday
Nov 11, 2014
New Delhi: The Delhi Development Authority (DDA) is likely to hold the draw of lots for the Housing Scheme 2014 on Wednesday
Land pooling panel faces barrage of queries
Nov 11, 2014
GUNTUR: Promising to bring in legislation for the land pooling process, the cabinet sub-committee on land pooling asked farmers of Tulluru mandal not to go for distress sale of their land
Centrum Capital teams up with Indiareit Ramesh Jogani for realty fund
Nov 11, 2014
MUMBAI: Mumbai-based financial services company Centrum Capital has teamed up with the former head of property fund Indiareit Ramesh Jogani to form a real estate private equity joint venture company
Industrial corridors around Coimbatore drive realty
Nov 11, 2014
Coimbatore: The fast developing Coimbatore-Tirupur-Erode Industrial Corridor is all set to give a boost to realty in Coimbatore
Central Bank to exit non-core assets, sell housing arm
Nov 11, 2014
Mumbai: Central Bank of India is planning to sell off its housing finance subsidiary Cent Bank Home Finance Ltd
Greener surroundings now a premium product
Nov 11, 2014
VADODARA: Living in a green cover amid the concrete jungles is now possible only at premium prices in the city
Property expo to be held next month
Nov 09, 2014
NASHIK: A four-day property exhibition, 'Shelter 2014,' will be held in the city from December 18 by the Confederation of Real Estate Developers' Association (CREDAI), Nashik
Left parties join hands against land pooling
Nov 08, 2014
HYDERABAD: All Left parties in the residuary state of Andhra Pradesh are coming together to force the government to change the land pooling and development policy

Latest Realty News Of State

Realty Talk's