Tata Finance into housing

MUMBAI, MAY 8. Tata Finance, the flagship financial services company of the Tata group, has made a foray into housing finance business through its newly formed subsidiary - Tata Homefinance Ltd.

Tata Finance will hold 51 per cent of the equity capital in Tata Homefinance with nine per cent being held by other Tata companies. The balance 40 per cent is to be offered to multilateral funding agencies and an overseas joint venture partner, who is in the process of being identified.

Tata Homefinance commenced its operations in Pune from May 6 where its headquarters are based. It proposes to start operations at over 20 centres across the country over the next 6-8 months.