Manappuram Finance to diversify, cut gold loan business to 50% of portfolio

Saturday, October 27, 2018
Financial Express

Kerala-based NBFC Manappuram Finance on Friday said it is in the process of diversifying into a slew of verticals like commercial vehicles loan, affordable housing finance and MSME sector lending, beyond its core areas of gold loan and microfinance businesses. The company, which is into raising of Rs 1,000 crore through NCDs, said it will work to see that the percentage of gold loan portfolio coming down to 50% from the current 75% and the remaining verticals occupying the rest. The company is also planning to enter the personal loan space.

Speaking to reporters here on Friday, VP Nandakumar, promoter, MD & CEO of Manappuram Finance, said the company will be focusing on the MSME sector in a big way. The other interest area of the company will be the commercial vehicles segment as it is income generating and has movable assets. “We want to be an active player in the MSME sector, and will be looking at small home loans, and vehicle financing,” he said.

Read more