Indel Corporation — the Mumbai based investment group — has finalised its plans to tap international funds for supporting future expansions.
In the first phase, the company intends to raise ₹650 crore in debt funds for which it has already finalised the route of operations. Discussions in this regard are in final stages, Umesh Mohanan, Executive Director, Indel Corporation said.
Asked why the company is depending on foreign funds, he told
Though the company is focusing mainly on gold loan business, it has now decided to reduce its exposure in gold loan portfolio to 60-65 per cent from the current 95 per cent. With the competition is hotting up in the gold loan business, he said NBFC's are looking at other priority sectors.
“We are also transforming ourselves into a financial supermarket offering customers a wide range of products by coming up with the supply chain finance for large manufacturing and large contractors for supporting them to procure materials”, he said. Likewise, the company intends to launch a micro finance housing business to disburse ₹15 lakh below loans. The loans extended in these categories would get the benefit of priority sector subsidy and this particular segment will be anchored from Mumbai.
“We have already launched a product to disburse loans below ₹1 lakh to traders on a daily collection basis as well as working on a Fintech platform with the support of a German based company to deliver emergency cash for travellers through mobile”, he added.
The group’s automotive subsidiary Indel Automotive had recently acquired three major automobile dealers in Kerala. “We are planning for an expansion in Tamil Nadu of an existing dealership point spread across Coimbatore, Salem, Trichy and Erode”, Mohanan said.