Monday, November 29, 1999

Aditya Birla Finance enters microfinance business

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Mumbai, June 17 (PTI) Aditya Birla Finance today said it has entered the microfinance business and has closed a financing deal with a Hyderabad-based MFI that has a borrower-base of over one lakh customers and is active in four states. Aditya Birla Finance (ABF) is a subsidiary of Aditya Birla Nuvo and the NBFC arm of the Aditya Birla Financial Services Group. The company, however, did not disclose the identity of the Hyderabad-based microfinance institution (MFI). "Microfinance is one of the fastest-growing segments in the financial services category with great future prospects. Aditya Birla Finance is looking forward to build a large and healthy portfolio over the next few years," ABF''s Chief Executive Officer Sudhakar Ramasubramanian said in a statement here. The firm is looking at first establishing itself in the wholesale business before moving on to providing microfinance to the end-consumers, Ramasubramanian said. This extension is in line with ABF''s strategy of introducing new product ranges to pursue aggressive growth while the focus continues to remain on creating and maximising value for all its stakeholders, he added. The Aditya Birla Financial Services Group has a significant presence across various verticals, including life insurance, insurance broking, mutual funds, private equity, security-based lending, factoring, insurance advisory services, wealth management, retail broking and distribution of third-party products.

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