Japan’s Sumitomo Mitsui Financial Group Inc. (SMFG) said it had invested ₹1,300 crore in SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) (SMICC) via rights issue.
SMICC in turn has invested ₹150 crore in its wholly owned subsidiary SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.) (SMFG Grihashakti), to bring affordable housing finance solutions to the underserved population in the country. the company said in a statement.
Pankaj Malik, Chief Financial Officer, SMICC, said, “We believe that the infusion of funds by SMFG marks a crucial moment for SMICC. This strategic move underscores our commitment to fortify our expansion efforts.”
