Sundaram Home Finance Ltd, as part of its expansion drive, has entered Chhattisgarh by launching a ‘Prime Home Finance’ branch in Raipur, the company said on Thursday.
With the launch of the new branch, the company expects to pay around Rs 50 crore in the first year of its operations in Chhattisgarh.
The city-headquartered company, a subsidiary of Sundaram Finance Ltd, is currently present in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and plans to open two more branches in Chhattisgarh.
“This is in line with our stated objective to grow in selected areas outside the South Market where we see good growth opportunities while consolidating our presence in the South at the same time,” said Sundaram Home Finance Managing Director, D Lakshminarayanan, who opened the new branch. in Raipur, said.
On entering the Chhattisgarh market, he said, “Raipur is emerging as an important industrial and commercial center and is gradually transforming itself into a smart city. The city is also the center of many major builders in the country.” Sundaram Home Finance will target the income and self-employed segment with a ticket size of around Rs 35 lakh in Raipur.
“We believe this market has good growth potential for us in our domestic funds segment,” Lakshminarayanan said.
Looking at the Chhattisgarh market, he said “after setting up the first facility in Raipur, our plan is to open two more in the state. We are targeting an investment of around Rs 50 crore in the first year of our operation.” Sundaram Home Finance currently has around 150 branches across the country, the statement said.
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