Indian non-banking finance company Manappuram Finance is reportedly planning to diversify its business into three major areas Microfinance, Home loans and vehicle loans. After acquiring a housing finance licence through a shell company and a micro finance outfit recently, the company would be infusing equity into these capital-starved businesses and grow them nationwide.
Earlier, the company has signed a non- binding term sheet to acquire majority equity shareholding of Asirvad Microfinance (AMPL) through a combination of secondary purchase of equity shares from certain existing shareholders and primary investment by way of subscription to equity shares in AMPL. AMPL is a RBI registered NBFC-MFI with operation in Tamil Nadu, Kerala, Odhisa and Gujarat.
Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
