ICL Fincorp to deepen presence in Telangana

By Author  |  Business Bureau  |  Published: 8th Nov 2019  11:58 pm

Hyderabad: ICL Fincorp is looking to deepen its presence in Telangana by adding more branches to the current 19. It will mainly focus on gold loans and loans for appliances, according to its Managing Director Anil Kumar.

Addressing a press conference here on Friday, Kumar said ICL has already signed share purchase agreement to take over Kolkata-based non-banking finance company Salem Erode Investments Limited. The promoter group of Salem has 74.27% of stake.

ICL Fincorp proposes to release the public issue of secured non-convertible debentures (NCD) by the end of FY 2019-20 and its size will be about Rs 100 crore.

Besides, ICL Fincorp has obtained trade licence in Dubai and United Arab Emirates and it launched operations in the Middle East this month. It will commence its operations in UAE within three months, he said.

ICL Fincorp has 157 branches in South India and now has plans to expand to Orissa, Madhya Pradesh, Maharashtra, Gujarat, Goa and Pondicherry. Its turnover is Rs 700 crore, 95 per cent coming from gold loans.

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