Godrej Industries Limited (GIL) said on Monday it will set up a subsidiary firm Godrej Capital Limited that will function as a holding entity for its financial services companies Godrej Housing Finance and Godrej Finance Limited.
Godrej Industries said it has decided to set up a new entity with the aim of scaling up its ambition in the financial services sector.
With the ultimate aim of building a world-class retail financial services business and a near-term aim of building a Rs 30,000 crore balance sheet by 2026, GIL has committed to invest Rs 1,500 crore capital in Godrej Capital Limited (GCL).
Godrej Capital currently has its footprint across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, and Pune. The company plans to soon expand its operation in six new cities - Jaipur, Chandigarh, Hyderabad, Chennai, Indore, and Surat.
Speaking on the development, Pirojsha Godrej, Chairman, Godrej Capital, said, "Godrej Capital will form a key pillar in the overall growth of the Godrej Group. We started with home loans in select geographies in 2020. Having seen strong customer acceptance of our offering, we are very optimistic about the prospects of our financial services venture and will be entering new markets and enhancing our reach across key target sectors and consumer segments".
The company will continue maintaining focus on the growth of secured loans consisting of home loans and Loans Against Property (LAP). Additionally, to fulfill business and geographic aspirations, the business aims to grow its team by 50 per cent to approximately 500 people in this financial year, the company said in a statement.
( With inputs from ANI )
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