Japan’s Sumitomo Mitsui Financial Group, Inc. (SMFG), on Tuesday said it has invested ₹1,300 crore in its wholly-owned subsidiary SMFG India Credit Co. Ltd./SMICC (formerly Fullerton India Credit Co. Ltd.) via rights issue to fuel growth.

SMICC, in a statement, said it has invested Rs 150 crore in its wholly-owned subsidiary SMFG India Home Finance Co. Ltd. (formerly Fullerton India Home Finance Co. Ltd.) (SMFG Grihashakti).

Pankaj Malik, SMICC’s Chief Financial Officer said, the SMFG infusion of funds marks a crucial moment for SMICC.

“This strategic move underscores our commitment to fortify our expansion efforts. SMICC has invested Rs 150 crore in SMFG Grihashakti to augment its endeavour of bringing affordable housing finance solutions to the underserved population in the country. With this infusion, we are poised to amplify our market presence, drive sustained growth and deliver value to our customers,” he said

SMICC, which has 990 branches across the country, said its Assets Under Management (AUM) stood at ₹42,487 crore as on December 31, 2023, reflecting a year-on-year growth of 24 per cent. The disbursements for the period April 2023 to December 2023 were ₹28,790 crore, reflecting a year-on-year growth of 46 per cent, it added.

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