R ARIVANANTHAM
CHENNAI, OCT 11
Godrej Capital Limited, the financial services arm of Godrej Industries, aims to grow its balance sheet to Rs 6,000-crore by 2023 and Rs. 10,000-crore by 2026, said its Managing Director and CEO Manish Shah here on Tuesday.
In a free-wheel chat with a small group of leading journalists, he said that the GCL is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC). It has started operations initially in 4 cities – Bombay, Delhi, Pune and Bengaluru and expanded in another 7 cities, latest addition is the Chennai, 2 months ago.
GCL has earned the confidence of servicing 6,000 customers (4,000 in Godrej Housing Finance and 2,000 in Godrej Finance) since November 2020 and aims to reach this figure to 10,000 customers by the end of current financial year.
- We offer Loan Against Properties (LAP) for SMEs sector with a turnover of Rs 1 crore to 50 crore on flexible repayment option in Chennai
- GCL is in talks with five small fintech/micro finance companies in Tamil Nadu.
Initially, we offer Loan Against Properties (LAP) for SMEs sector with a turnover of Rs 1 crore to 50 crore on flexible repayment option in Chennai. We targeted to disburse Rs 1,500 crore during the current financial year (Rs 200-crore per month), Shah added.
The company will allow SME customers to opt for flexible repayment plan for LAP, which aims to address the issues of seasonal and uneven cash flows faced by SMEs. The Godrej Finance also disburse unsecured loan to SMEs on the basis of their turnover and supply chain management for manufacturing sector to meet out their short-term finance during festive season, Shah added.
GCL aims to catch 10 per cent of the market share in mortgage finance section through LAP during the current financial year in Chennai.
Replying to a query, Shah said that the 2-month old Chennai office will service the entire state, if need arises, it will expand to other cities like Coimbatore, Madurai etc.
With a view to reach out to the nook and corner of the state, GCL is in talks with five small fintech/micro finance companies in Tamil Nadu. The company is also in the process of identifying 1,000 potential distributors of GCL products across the country, out of these, 100 would be in Chennai, Shah said.
