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The Delhi-based Wave Group on Wednesday announced its foray into financial services space with the launch of a housing finance company.
The new housing finance venture – New Habitat Housing Finance and Development Limited (NHHFDL) – has been launched with an initial paid up capital of ₹12 crore.
Over the next three years, the capital of this housing finance company will be shored up to ₹100 crore, essentially out of internal accruals of the Group, said Rakesh Kapoor, CEO & Whole time Director, NHHFDL.
Wave Group has diversified interests including distilleries and breweries, real estate, sugar, manufacturing, malls and multiplexes,
NHHFDL, which has commenced operations with an office in Noida, will initially focus on providing housing finance solutions to customers in the National Capital Region.
Plans are afoot to build a loan book size of ₹1,000 crore in the next five years, R.K.Panpalia, Managing Director, Wave Group said at a press conference in the capital.
Currently, there is no plan to rope in a private equity player or look at a listing for NHHFDL to part fund its resource requirements, Panpalia later told Business Line.
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