GIC to expand in Andhra

Buoyed by the impressive performance of its Hyderabad office during the last financial year, Mumbai-based mortgage lender GIC Housing Finance Limited is looking at further expanding its presence in the state.

The company, which did a business of Rs 100 crore from its Hyderabad branch office, is firming up plans to open two more branches, one each at the Hi-Tec City in Hyderabad and Vijayawada, in a couple of months.

"We are also in the process of providing housing loans to the beneficiaries of the state government's schemes such as Rajiv Swagruha, Gruhakalpa and Indiramma. Negotiations with the government in this regard are in final stages," GIC Housing vice-president Rajib De, said.

De was in the city to inaugurate the company's renovated Hyderabad office premises on Wednesday.

The company plans to extend housing loans to the tune of Rs 1,000 crore this year, as compared with Rs 600 crore last year, AK Guha, managing director of GIC, said.