Manappuram acquires Milestone Home Finance
Kerala-based gold loan firm Manappuram Finance has diversified with the acquisition of Milestone Home Finance Company from Jaypee Hotels. VP Nandakumar, MD & CEO of Manappuram Finance informed that entire acquisition would cost the company Rs 10 crore. He added that the acquisition would result in diversification of the group into home finance. The group’s focus is affordable housing. Though Milestone has a licence of National Housing Bank (NHB) to provide home finance but hasn’t provided any loans yet.
The group will change the name of the company to Manappuram Housing Finance and it would be based in Chennai as a good talent pool is available there. The plan for the company is to build a portfolio of Rs 3,000 crore. Manappuram Finance has 3,293 branches across 22 states with nearly 2 million customers.
Source: The Financial Express
Affordable Housing, diversification, finance, Home finance, Kerala, Manappuram, NHB
