Muthoot on expansion drive

The Muthoot M George group, with 16 verticals in financial business, is targeting a turnover of Rs 40,000 crore during the current financial year from the present 20,000 crore, said George Alexander Muthoot, managing director.

Muthoot Finance Limited, the flagship company of the group, plans to open 400 branches and would recruit 2,500 employees in the current year. The new branches will be come up in states like Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

During the last financial year, Muthoot Finance opened 270 branches on a pan-India basis and hired 2,000 employees. The company's turnover stood at Rs 14,500 crore.

Another verticle Muthoot Securities Limited, the equity, commodities and currency vertical with 101 branches, will open 200 branches in the current fiscal.

The group has also planned to enhance overseas business and operations in London will be made strong by opening more outlets there.