2015-01-20

Singapore\'s GIC to invest Rs 1,020 crore in Bandhan

These funds would be utilised in opening up 600 branches across 27 states of the country.

Singapore\'s GIC to invest Rs 1,020 crore in Bandhan

By Aparajita Choudhury

Singapore-based GIC is investing Rs 1,020 crore in microfinance institution Bandhan Financial Services. The deal is likely to be closed by February 2015, said Chandra Shekha Ghosh, Chairman, Bandhan Financial Service.

When asked about the stake GIC would hold in the institution, Ghosh denied commenting on that. "These funds would be utilised in opening up 600 branches across 27 states of the country," Ghosh told Entrepreneur India.

GIC is the world's largest global investors, with well over $100 billion of assets in more than 40 countries worldwide. Its portfolio spans across six core asset classes with over $100 billion of assets in 40 countries. It has its global presence across 10 countries and a skilled and experienced team of over 1,200 people.

As per the Reuters report, the company will get a total equity investment of Rs 16 billion, including Rs 5.8 billion from existing investor IFC.

"We will also use these funds to strengthen our IT infrastructure, Software infrastructure and HR department," said Ghosh.

Bandhan was set up in 2001 to address the dual objective of poverty alleviation and women empowerment. The company was registered as a Non Banking Financial Company (NBFC) with the Reserve Bank of India (RBI). Bandhan and IDFC were the only two companies which won bank permits from the RBI last year in what was the first bank licensing process in a decade. At present, Bandhan has 2,022 branches across the country and has disbursed loans of about Rs 1,717 crore till now.

Related opportunities
  • Bars, Pubs & Lounge
    Kadak Brewpub is the first craft beer brand with its..
    Locations looking for expansion Maharashtra
    Establishment year 2020
    Franchising Launch Date 2023
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Kalyan Maharashtra
  • Language Schools
    The British Institute of Engineering Technology (I) Pvt Ltd (BIET), London was..
    Locations looking for expansion West bengal
    Establishment year 1950
    Franchising Launch Date 1992
    Investment size Rs. 5lakh - 10lakh
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Amherst street West bengal
  • Casual Dine Restaurants
    Multi-Cuisine restaurant is designed with the highest standards. You will relish..
    Locations looking for expansion Tamil nadu
    Establishment year 2019
    Franchising Launch Date 2023
    Investment size Rs. 10lakh - 20lakh
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
  • Pathological Labs
    Lupin Diagnostics is a part of Lupin Healthcare Ltd, a..
    Locations looking for expansion MAHARASHTRA
    Establishment year 2021
    Franchising Launch Date 2021
    Investment size Rs. 50000 - 2lakh
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater MUMBAI MAHARASHTRA
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads