 "Fullerton India to infuse Rs 150 cr in housing finance unit")
Temasek-backed Fullerton India, a non-banking financial company, will inject Rs 150 crore as equity capital in its new housing finance subsidiary.
Shantanu Mitra, Fullerton India’s managing director and chief executive, said initially the new housing finance company (HFC) will focus on giving loans of Rs 20 lakh and above.
Fullerton India has received money for investment in the HFC from its parent Fullerton Financial Holdings, a fully-owned unit of Singapore’s sovereign wealth fund, Temasek.
The HFC will focus on four states — Maharashtra, Gujarat, Tamil Nadu and Karnataka in the early phase and based on experience take a call on expanding operations, he said. The plan is to extend loans through 190-200 branches over the next few years. At later date, the HFC would also enter into the affordable housing finance segment.
Fullerton India's net profit in the half year ended September 2015 stood at Rs 184 crore, up from Rs 124 crore in the same period last year. Its assets under management grew by 37 per cent to Rs 9,891 crore at end of September 2015 from Rs 7,225 crore a year ago.
The company currently employs over 7,600 employees across 445 branches servicing 1.2 million customers. Nearly 60 per cent of the workforce serves its rural business.
Fullerton India's product portfolio includes loans against property, small and medium enterprise and business loans, commercial vehicle and two-wheeler loans, and personal loans.
