Muthoot Finance has received an in-principle approval for investment of up to Rs 50 crore in Muthoot Homefin (India) (MHIL), subject to regulatory approvals, it any. The board of directors at their meeting held on May 05, 2015 has approved for the same. By virtue of the proposed investment, MHIL will be subsidiary of Muthoot Finance.
MHIL is a company having paid up capital of Rs 10.50 crore and promoted by the same management as of Muthoot Finance. MHIL had received the license for operation from NHB on May 19, 2014. MHIL is engaged in Business of Housing Finance.
Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company is a Systemically Important Non-deposit taking NBFC headquartered in the southern Indian state of Kerala and with its corporate office in New Delhi.
