Aditya Birla group, the promoters of non-banking finance company Aditya Birla Finance Ltd.(ABFL) has invested Rs300 crore to increase its net worth and expand its business, the company said in a statement on Tuesday.
ABFL chief executive officer Sudhakar Ramasubramanian said the company is actively pursuing new avenues for growth and that long-term and asset backed products would continue to be key drivers of the growth plan.
The fresh capital infusion will thus help ABFL to meet its solvency requirements and expanding operations by expanding our portfolio with new product launches. He added, ABFL will enter project finance and will lend to infrastructure companies, in addition to growing its existing businesses, including capital markets, corporate advisory and microfinance.
The firm, which will give long-term loans to small and medium companies, is planning to increase its book size to Rs20,000 crore by fiscal 2015 from the current Rs1500 crore. We are looking at ways and means of raising capital,said Ramasubramanian.