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Sohan Lal Commodity Management (SLCM), an agri-commodity warehousing management company, is foraying into the area of agricultural financing.
This diversification is being done through a Chennai-based non-banking finance company — B.P. Jain Finance & Investments, which has been recently acquired by SLCM.
Delhi-headquartered SLCM is pumping in Rs 50 crore capital into B.P. Jain Finance, which will use the funds to provide financing of warehousing receipts, Sandeep Sabharwal, CEO, SLCM told Business Line here.
For agricultural financing, the new product to be called 'Kisan Dhan' is likely to be rolled out in the market from April 1 this year, he said.
"Providing warehousing receipt finance will be complementary to what we already do (warehousing management services)".
Several high profile equity funds such as Nexus Venture Partners, Everstone Capital Venture, Mayfield Venture Partners and ICICI Bank's EIF Fund are currently invested in SLCM.
Sabharwal said the Chennai–based subsidiary will look to build a book of Rs 400 crore (for warehouse receipt financing and other agri-financing) during 2014-15.
SLCM also plans to expand into overseas markets by setting up presence in Myanmar and Malawi in the coming months, Sabharwal said.
srivats.kr@thehindu.co.in
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