Non-banking finance company Religare Finvest today said that it plans to triple business volume to Rs 10,000 crore by the end of the next fiscal and increase its focus on consumer finance business.
"We will triple our asset book to Rs 10,000 crore from the current Rs 3,300 crore by end FY'12," Religare Finvest chief executive Kavi Arora told PTI.
Religare Finvest is a wholly-owned subsidiary of Religare Enterprises with presence in 23 cities and over 400 employees and the company now plans to increase focus on consumer finance business, he said.
Arora said the company is more into commercial lending in the auto and property segment and looks to extend the reach to individual customers as well.
"Commercial, mortgage and SME lending remain our priority area. We plan to extend our reach to untapped areas," he said.
Earlier this month Religare Finvest said it will acquire a part of Citigroup India's home loan portfolio for Rs 500 crore.
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He said Religare Finvest has been in the home-loan business for the last three years and the acquisition of key assets of Citi's mortgage business would give it an edge.
"We are looking to increase our geographical presence to 30 locations, from current 23, by the end of the current fiscal. We would also look at increasing headcount as and when our business expands," Arora said.