Manappuram to foray into microfinance, commercial vehicle loans

Gold loan firm Manappuram Finance Ltd is looking for diversification of its business into microfinance and financing of commercial vehicles, as per a stock market disclosure.

A meeting of the board of directors of the company will be held on September 23 to consider the proposal, the disclosure filed with BSE showed.

In March this year, Manappuram agreed to acquire Milestone Home Finance Company Pvt Ltd (Milestone) from Jaypee Hotels Ltd for an undisclosed amount, as part of its plans to diversify its business by commencing housing finance activities.

Founded in 1990, the company is engaged in providing gold loans, insurance services, foreign exchange, business loans, vehicle loans and gold coins. It is based in Thrissur, Kerala with an additional office in Mumbai.

Manappuram has over 3,200 branches across 25 states and four union territories with assets under management (AUM) of Rs 8,530 crore as on December 31, 2013. The firm counts names like Baring PE India, WestBridge Capital and India Equity Partners as shareholders.

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