MSIL plans to ramp up chit fund business in a big way

State-owned Mysore Sales International Ltd. (MSIL), an organisation that markets products and services for the Karnataka government, on Saturday said it had set an ambitious growth target for all its businesses, including liquor, chit funds, notebooks, renewable energy, and generic medicines through Jan Aushadhi.

MSIL chairman Hartal Halappa told The Hindu that the company was targeting additional sales of around ₹500 crore during the current fiscal, targeting an overall turnover of close to ₹3,400 crore as against last year’s ₹2,901 crore.

Focus on chit fund

“We are putting all our energy into growing our diverse businesses. We cannot predict sales under beverages operations, however, we hope to grow our chit fund business substantially and also more than double our sales in the renewable energy business,’‘ Mr. Halappa said.

According to him, MSIL’s safe chit fund business has been growing and it currently has over 2 lakh subscribers. “We have started this business to protect people from fly-by-night operators. We are now opening branches in all district and taluk headquarters to get closer to people who want to save their money safely.’‘

The MSIL has set a target to grow chit business to ₹500 crore this year from ₹308 crore a year ago. It also expects its renewable energy business to double from ₹92 crore last year to ₹200 crore this year.

Through Jan Aushadhi stores, the company sold generic medicines worth ₹10.8 crore last year. The MSIL’s notebooks brands, Vidya and Lekhak, brought in business worth ₹80 crore last year and this is also expected to grow further this year, according to Mr. Halappa.

Only 132 permanent staff

Mr. Halappa said the company currently had only 132 permanent staff and around 3,000 temporary workers to manage multiple businesses across the State. “We are facing a huge shortage in human resources. We are immediately hiring 57 permanent staff through the Karnataka Examinations Authority,’‘ he added.

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Printable version | Aug 10, 2022 8:56:02 am | https://www.thehindu.com/news/national/karnataka/msil-plans-to-ramp-up-chit-fund-business-in-a-big-way/article65592765.ece