Business Daily from THE HINDU group of publications
Wednesday, Jun 11, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jun 11, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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NBFCs Oikocredit to invest $50 m in Indian arm Our Bureau Hyderabad, June 10 The Netherlands-based finance institution Oikocredit will be investing $50 million in its Hyderabad-based subsidiary Maanaveeya Holdings and Investments Pvt Ltd. “India is the first country to receive a huge investment from Oikocredit. We have already infused $23 million in the last couple of months into Maanaveeya and the remaining fund will be invested soon,” Mr Tor G. Gull, Managing Director and CEO of Oikocredit, told newspersons here on Tuesday. Maanaveeya was set up in 2004 with an initial capital of $5 million as Oikocredit subsidiary in Hyderabad and has $42 million as outstanding loans (institutional lending) to 42 micro finance institutions (MFIs), according to Ms Suvarna Rani Gandham, Head (India), Oikocredit, and Managing Director of Maanaveeya Holdings, an NBFC. “We will now focus on financing development projects which will generate social employment and will help the poor,” Ms Gandham said. Loans ranging from Rs 5 crore to 10 crore would be extended on 12 to 14 per cent interest to “companies/federations/trusts with proven track record and clean balance sheet for last three years,” she said. Maanaveeya is engaged primarily in giving bulk loans to development projects, fair trade projects and MFIs in India. It would set up regional offices in New Delhi, Kolkata and Mumbai in addition to the existing ones in Hyderabad and Chennai, Ms Gandham said. More Stories on : NBFCs | Foreign Institutional Investors
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