Sundaram BNP Paribas Home Finance, a 50.1:49.9 JV between Sundaram Finance Ltd., and BNP Paribas has announced that the company is now expanding its presence into select markets in Western and Eastern India.The company, which established its presence in the South Market has recorded a 63 per cent growth in business last year,
The company has forayed into West Bengal by opening up an office in Kolkata. Over the next quarter, the company will foray into Orissa and Maharashtra by opening up offices in Bhubhaneshwar and Nasik. Simultaneously, Sundaram Home Finance has expanded into four new Tier 2 locations in Andhra Pradesh in Karimnagar, Kurnool, Nizamabad and Srikakulam and into two new Tier 2 locations in Karnataka in Udupi and Shimoga, in addition to setting up new offices in existing locations in Chennai, Bangalore, Hyderabad and Kochi.
Commenting on the expansion, G Sundararajan, VP and Head - Finance, Sundaram BNP Paribas Home Finance said, “While expanding into new geographies and establishing our presence in select national markets is part of the growth strategy for this year, we will continue to strengthen our presence in the Southern market and will look to increase our market share in this region. We expect Tier 2 and Tier 3 towns in the South to be the major growth drivers for the business over the next 12 months.”
It ended fiscal 2011 with a net profit of Rs 47.68 crore and disbursements of Rs 1,210 crore.