Tata Group's financial services arm Tata Capital, which is raising Rs 500 crore through a debenture issue, is expected to start its home loan business by March this year.
"We have applied to the National Housing Bank (NHB) and are awaiting its clearance. If we get the approval we will launch the home loan business by March," Tata Capital Managing Director and CEO Praveen P Kadle said here.
The company had applied to the NHB a couple of months back, Kadle added.
When asked about the company's plans for starting the commodity brokering business, he said that the company will not enter that immediately. In August last year, Tata Capital had announced its plans to enter the home loan business.
Recently, Anil Ambani Group firm Reliance Capital had received approval of the NHB for setting up a housing finance subsidiary, which would be in place in the next two months.
Tata Capital caters to the diverse needs of retail, corporate and institutional clients via seven broad areas of business, namely -- Retail Finance, Corporate Finance, Investment Services, Investment Banking, Private Equity, Wealth Management and Rural Finance.
Going forward, the company's strategy aims to consolidate existing lines of business, explore new business opportunities, pursue strategic alliances and leverage its technology advantage.