Tata Capital to enter home loan, commodity broking

Tata Capital to enter home loan, commodity broking
PTI
Comment E-mail Print Share
First Published: Fri, Aug 01 2008. 06 57 PM IST
Updated: Fri, Aug 01 2008. 06 57 PM IST
New Delhi: Having attained a balance sheet size of close to $1 billion within a year of operations, Tata Capital on 1 August announced plans to expand into businesses such as housing loan, commodity broking, private equity and wealth management.
“We expect to start our home loan business by March 2009 after getting all the necessary approvals,” Tata Capital managing director and CEO Praveen P Kadle said here.
Besides, the Tata Group’s financial services arm would also soon start offering services like debt, commodity and insurance broking business and is also getting into wealth management business for high net worth individuals, he said.
The company is already operating in six-seven business verticals and plans to expand into a host of other areas spanning across consumer finance, corporate finance, capital markets and investment banking segments, Kadle said.
A pilot project is being organized for wealth management business in Mumbai and soon the business would be extended to other parts of the country.
Speaking to reporters here, Kadle said that the company is also lining up a slew of private equity funds, starting with a dedicated fund for mid-cap companies.
This would be followed by a number of other funds, including some sector-specific ones, he said.
When asked what would be the size of funds Tata Capital was contemplating, Kadle said that the first fund was still in pre-marketing stage and the size would be determined later.
“The mid-cap fund should have a size of at least $250 million (over Rs1,000 crore), but it would be determined at a later stage,” he said, adding that next in line could be a technology venture fund, which would focus on IT and telecom companies, Kadle said.
Comment E-mail Print Share
First Published: Fri, Aug 01 2008. 06 57 PM IST