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Sree Gokulam group is planning to enter gold loan business by taking over inactive non-banking finance companies.
Addressing reporters in connection with the group’s 46th anniversary celebrations, AM Gopalan, Chairman and Managing Director, said the company is in talks with such NBFCs and would launch its operations within a year. The RBI has stopped issuing licences for new NBFCs.
Besides gold loan business, he said, the company has plans to provide housing loans also.
The Gokulam group, which has entered its 46th year, runs chit funds, hospitality, education, healthcare, food and beverages, media and entertainment industries. It plans to expand its education and hospitality business verticals.
In the hospitality sector, the company has 10 starred hotels in Qatar, Chennai, Coimbatore, Guruvayoor and Ernakulam. A shopping mall in Kozhikode is expected to be operational within the next year.
The group, which at present has four schools, will start two more in Kozhikode and Malappuram, Gopalan added.
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