The financial subsidiary Indel Money will open more branches in Kerala, Tamil Nadu and Karnataka

The financial subsidiary Indel Money will open more branches  in Kerala, Tamil Nadu and Karnataka
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Story Dated : July 17, 2017

The Rs 1500-crore Indel Corporation, a Mumbai-based investment group with diverse interests, plans to expand its financial and automotive segments to more states in the current year.

The financial subsidiary Indel Money will open more branches in Kerala, Tamil Nadu and Karnataka and diversify its activities. NBFC, which currently has 140 branches spread over Kerala and Tamil Nadu, intends to add another 40 more branches in the two states. In addition, it will open 30 branches in Karnataka.

“At present, our main focus is on gold loans. We would like diversify to areas like supply chain finance, truck loans and micro housing finance. We are in discussion with international financial institutions for debt funding to raise a capital of Rs 250 crore in the first phase,” Umesh Mohanan, director of Indel group said.

Indel Automotive, the automotive subsidiary of the group, had recently acquired three major automobile dealers in Kerala worth over Rs 400 crore including their liabilities. Now it plans to spread wings in Tamil Nadu and Mumbai. In Tamil Nadu, it is looking for acquisitions at Coimbatore, Salem, Erode and Tirupur.  “We need to focus on larger markets and larger volumes to retain competitive edge in the coming years,” Mohanan said.

Hospitality, infrastructure, construction, agriculture, communication, media and entertainment are among other interests of the group. Under the hospitality wing, the group currently has two hotels in Kochi and one in Palakkad. A five-star hotel in Palakkad and a boutique hotel in Guruvayur are under construction. “We have plans for five-star hotels in Thiruvananthapuram and Kozhikode but we will keep it on hold for the time being,” Mohanan said.

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