UP-based SE Investments, which is in the process of applying to the Reserve Bank of India (RBI) to change its name to SEIL Microfin, is eyeing Rs 850 crore worth of business in FY11, a top company official said.
"We are eyeing a Rs 850 crore business this fiscal," SE Investment Managing Director Sunil Agarwal told PTI here today.
On the company's proposed name-change, Agarwal said, "Since the current name does not highlight the company's core expertise in microfinance, we have decided to change it. Once we receive the approval from the authorities concerned, we hope more customers would come forward to avail our services."
The company plans to foray into the financing of low-cost homes and is eyeing Rs 50 crore of business by the end of the first year of operations, he said.
A separate subsidiary would be floated for this business, he said, adding that the initial-phase investment has been pegged at Rs 45 crore.
Agarwal said the company is in the process of approaching the National Housing Bank (NHB) for necessary approvals.
"There is a huge demand for low-cost housing loans, which ranges between Rs 2 lakh to Rs 5 lakh. Once we get the necessary approvals, we will immediately start the process of disbursement of loans to our customers," he said.
"Our investors are keen on venturing into this segment. The initial investment required would be over Rs 45 crore," Agarwal said.
The company plans to increase its customer base by 1.20 lakh in this fiscal.
"In FY10, our customer-base stood at 3.5 lakh. This year, we want to increase it by 1.20 lakh. We have already increased our customer base by 20,000 and the remaining target would be achieved soon," Agarwal said.
