The Hindu Business Line : Tata Capital plans home loan, commodity broking

NEW DELHI: Having attained a balance sheet of close to $ one-billion within a year of operations, Tata Capital on Friday announced ambitious plans to expand into businesses like housing loan, commodity broking, private equity and wealth management.

"We expect to start our home loan business by March 2009 after getting all the necessary approvals," Tata Capital Managing Director and CEO, Mr Praveen P Kadle said here on Friday.

Besides, the Tata Group's financial services arm would also soon start offering services like debt, commodity and insurance broking business and is also getting into wealth management business for high net worth individuals, he said.

The company is already operating in six-seven business verticals and plans to expand into a host of other areas spanning across consumer finance, corporate finance, capital markets and investment banking segments, Mr Kadle said.

A pilot project is being organised for wealth management business in Mumbai and soon the business would be extended into other parts of the country. Speaking to reporters here, Mr Kadle said that the company is also lining up a slew of private equity fu nds, starting with a dedicated fund for mid-cap companies.

This would be followed by a number of other funds, including some sector-specific ones, he said. When asked what would be the size of funds Tata Capital was contemplating, Mr Kadle said that the first fund was still in pre-marketing stage and the size w ould be determined later.

"The mid-cap fund should have a size of at least $ 250 million, but it would be determined at a later stage," he said, adding that next in line could be a technology venture fund, which would focus on IT and telecom companies, Mr Kadle said. - PTI

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