Aditya Birla Finance enters microfinance
17 Jun 2010
Mumbai: Aditya Birla Nuvo subsidiary Aditya Birla Finance, formerly Birla Global Finance, and the NBFC arm of the Aditya Birla Financial Services Group, today said it would enter the rapidly-growing microfinance business.
The company has just closed a financing deal with a Hyderabad-based MFI, which has operatioons in in four states and has a borrower base of over 100,000 customers.
''Microfinance is one of the fastest growing segments in the financial services category with great future prospects and Aditya Birla Finance is looking forward to build a large and healthy portfolio over the next few years," says Sudhakar Ramasubramanian, CEO, Aditya Birla Finance.
The company is looking to first establish itself in the wholesale business before moving on to providing microfinance to the end consumer and this extension is in line with ABF's strategy of introducing new product lines to pursue aggressive growth while the focus continues to remain on creating and maximizing value for all our stakeholders.
He adds, ''As Microfinance in India enters the next phase of growth, it is important that large mainstream commercial institutions foray into this space. It promises to be one of the biggest enablers of India's economic development in the coming years.''
Aditya Birla Finance, one of India's leading non-banking financial companies (NBFC). is one of the largest players in security-based lending and the pioneer in IPO financing in India.
