Business

Godrej Industries to invest ₹1,500 crore in Godrej Capital

Godrej Industries Ltd. (GIL) on Monday announced the unveiling of Godrej Capital Ltd. (GCL), aimed at having a major play in the financial services sector.

GCL, a subsidiary of GIL, is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Ltd (an NBFC). 

The company said in the near term GCL would build a ₹30,000 crore balance sheet by 2026 and would invest ₹1,500 crore in capital in GCL.

Pirojsha Godrej, Chairman, Godrej Capital, said, “Godrej Capital will form a key pillar in the overall growth of the Godrej Group. We started with home loans in select geographies in 2020. Having seen strong customer acceptance of our offering, we are very optimistic about the prospects of our financial services venture and will be entering new markets and enhancing our reach across key target sectors and consumer segments.”

The company will continue to maintain focus on the growth of secured loans consisting of home loans and loans against property (LAP). 

Additionally, to fulfil business and geographic aspirations, the business aims to grow its team by 50% to approximately 500 people in this financial year.

Manish Shah, MD & CEO, Godrej Capital, said, “We have successfully implemented a digital-first approach at Godrej Housing Finance through innovative products such as Design Your EMI and end-to-end contactless solutions delivered digitally.”

“This has inspired us to grow our footprint and to broaden our service offerings to different customer segments through affordable housing loans and unsecured loans. We envision Godrej Capital becoming a new-age, leading retail financial services institution in the years ahead,” he added.


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Printable version | Jun 11, 2022 12:00:30 pm | https://www.thehindu.com/business/godrej-industries-to-invest-1500-crore-in-godrej-capital/article65312346.ece