Cholamandalam to strengthen AP operations

Currently, it has presence in 20 major centres in the state. Cholamandalam Investment and Finance Company Limited, the flag-ship arm of Cholamandalam Financial Services, focuses on vehicle finance business.

The other associate companies are involved in offering a wide range of financial services such as general insurance, mutual fund products and stock broking. Chola FSG has a customer base of 60,000 in Andhra Pradesh.

"We have products and geographical presence. Now, we are aiming for a higher marketshare in every segment we operate. We are going to look at how we can leverage the dealership and distribution network of the Murugappa group companies in the state," said M Anandan, the the managing director of Cholamandalam Investment and Finance Company.

"Cholamandalam has a strong presence in Andhra Pradesh since 1991. All our businesses have gathered momentum here. We are keen to strengthen our presence in this market and achieve a position of leadership as an integrated financial services provider," he added.

Cholamandalam disbursed Rs 100 crore vehicle finance in Andhra Pradesh last year. Cholamandalam-MS General Insurance Company, which covered over 2 lakh customers in its first year of operations, has been pursuing its rural insurance initiatives through the Visakhapatnam office, he said.