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Kirloskar Capital, a wholly-owned subsidiary of Kirloskar Oil Engines (KOEL), has received RBI licence to start a non-banking financial company (NBFC).
The company plans to lend more than ₹1,000 crore over the next three years.
The company had earlier roped in former IndoStar Capital Finance Managing Director and Chief Executive Officer, Vimal Bhandari, to head its operations.
The initial focus will be on lending to small and medium-sized enterprises by leveraging its distribution network.
The company will also provide corporate lending, KOEL said in a statement.
“We see opportunities in the financial services space, and are willing to commit ₹1,000 crore of capital over the next three years.
“Given KOEL’s track record with the banking industry, we will have access to funds at competitive rates,” said KOEL Executive Chairman Atul Kirloskar.
Kirloskar Capital has set up an office in Mumbai, and is in the process of hiring senior talent.
“Besides, the 70-year Kirloskar ecosystem, which few others have, can be used to great advantage. Ultimately, customers are looking for comfort and fairness and, as a group, we have a reputation for precisely that,” said Bhandari.
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