BUSINESS
Company applying for a licence to launch a housing finance business early next fiscal; charts plans to set up white-label ATM network
Essel Finance, a leading private sector financial services company from the Essel Group, is aggressively pursuing inorganic growth opportunities to expand its business. The company has identified four areas for diversification, and hopes to add three of those businesses to its portfolio through acquisitions next year. Speaking with dna, Amitabh Chaturvedi, managing director, Essel Finance Management LLP, said the company is pursuing acquisitions as a strategy predominantly to achieve its business diversification plans. "Four areas have been zeroed in on for diversification in the coming year. Of this, three businesses such as mutual fund, microfinance and digital payments will be added through acquisitions. In fact, we are actively talking to one MFI and if the pricing works well we could be acquiring a microfinance company soon," said Chaturvedi.
The fourth business will be a housing finance company, which will be done organically. Essel Finance is in the process of applying to the National Housing Board (NHB) for a licence and hope to get it soon. "We are hoping to get the licence by February or March next year, post which a new housing finance company will be launched," he said.
The company management has not earmarked a specific sum for making the three acquisitions as it believes being part of the cash-rich Essel Group funding will not be an issue. "Funding will not be an issue, hence we have not put a number in terms of funds to be made available for doing the acquisitions. The mandate is to set up the three business verticals and present a business plan. If the promoters like the proposals – be it Rs 50 crore or Rs 100 crore – we will go ahead with the acquisition," said Chaturvedi.
Elaborating on the company's approach to doing the acquisitions, he said the management is clear it will not be done just for a licence. "I will do an acquisition only if the companies have a particular size, network and customer base," said Chaturvedi, adding that capital will then be infused into those businesses to take them to the next level of growth. On the need for getting into digital payments business, Chaturvedi said that being a financial services player, the company needs to be part of the digital payment ecosystem, be it through card, ATM network or e-wallet offering. "We had made a formal application to the Reserve Bank of India (RBI) for setting up 50,000 white-label ATMs across India. However, we were told that the window for new licensing is closed already and the present rule does not permit existing licence holders to sell their company," he said.
"I have been promised that the window may be opened towards the end of this calendar year and we are very keen to be set up an ATM network, which will be one of the offerings from our digital payments business vertical," he said.
Viral video: Giant python wraps itself around drunk man, netizens say ‘find out the liquor brand'
Mukesh Ambani afraid of Elon Musk? Tesla CEO responds to a meme on X, says, "I will…"
Virat Kohli vs Babar Azam: R Ashwin sums up 'better batsman' debate with stunning remark
This woman claims to be a 'real-life vampire', feeds on energy of...
Mukesh Ambani loses over Rs 160000000000 in 24 hours, Gautam Adani's net worth boosts by…
IND vs NZ: Day 1 of first Test between India and New Zealand called off due to rain in Bengaluru
Ashish Bansal's Vision: Transforming Business Operations with Retrieval-Augmented Generation (RAG)
Gautam Adani acquires two more companies, pays Rs 380000000 for...
Good news for online shoppers! Blinkit to introduce this feature to ease up returns
7th Pay Commission: Good news for central government employees, Cabinet approves 3% hike on...
Watch: Priyanka Chopra makes her Bollywood dreams come true, video from Switzerland goes viral
Akasa Air flight to Bengaluru gets bomb threat, returns to Delhi
Fake cop jumps into auto, demands Rs 50,000 from Mumbai woman for…, watch viral video
Delhi CEO shares screenshot of jobseeker’s CV with mistakes all over, blames…, see viral pic
IND vs NZ Test: Virat Kohli's cool walk in rains at Bengaluru's Chinwaswamy Stadium steals spotlight
Video of drunk man wrapped in giant python's deadly grip in Andhra Pradesh goes viral, watch here
Maharashtra NEET PG counselling 2024: Round 1 registration to close today, check important details
Omar Abdullah takes oath as Jammu and Kashmir CM as UT gets elected government after 10 years
German Ambassador ties 'nimbu-mirchi' to his new EV, smashes coconut, WATCH viral video
People live with their deceased loved ones on THIS island, the reason will shock you!
BIZARRE: Tea seller spends Rs 60,000 on party after buying 2-wheeler on loan
Ram Gopal Verma finds Lawrence Bishnoi more good-looking than film stars, urges Salman Khan to...
Pakistan's New Batting Sensation Kamran Ghulam Was Slapped By Haris Rauf On Field. Old Video Viral
Watch: Avinash Mishra thrown out of Bigg Boss 18 house for SHOCKING reason
IND vs NZ test: Toss delayed due to rain in Bengaluru, next inspection to be in...
Karnataka rains: Bengaluru reels under severe waterlogging, traffic hit; check IMD forecast till...
IndiGo flight redirected to Jaipur due to security-related alert
Rakul Preet Singh suffers back spasm after 80 kg deadlift without belt: 'Situation has been scary'
IND vs NZ Test: Sanju Samson's BIG revelation, says, 'Rohit Sharma, Gautam Gambhir told me to...'
Meta CEO Mark Zuckerberg has a new job, he now works for...
Chennai Rains: Two-wheelers parked in flats, 4th floor of apartments, SEE VIRAL PICS
Blow to Gautam Adani as retail investors take this big step, know details here
'Cheaper to buy abroad': Gurugram's luxury apartments priced at Rs 75 crore leave netizens stunned
EAM Jaishankar and Pakistan PM Sharif shake hands at SCO reception
'We very much want to see changes...': US warns Israel to boost Gaza aid in 30 days
Bigg Boss 18: Gunaratna Sadavarte exits from Salman Khan's show for THIS reason
Here's how to enroll in management college that provides internships with stipends worth over Rs...
Meet man, who once earned Rs 4,000 per month, then founded company worth Rs...
Omar Abdullah set to take oath as CM of Jammu and Kashmir today
IND vs NZ: Rohit Sharma on verge of breaking THIS record of Virat Kohli in Test series
When Hema Malini revealed Dharmendra hasn't seen her performancing on stage: 'He feels I look...'
DNA TV Show: Why Maharashtra Assembly elections will be different this time
Singapore fighter jets escort Air India Express plane after bomb threat
ENG vs WI: West Indies beat England by 6 wickets to enter semifinals of Women’s T20 World Cup
IND vs NZ, 1st Test Dream11 prediction: Fantasy cricket tips for India vs New Zealand match
Delhi NCR news: Noida International Airport completes 2 critical milestones; check details
IND vs NZ, 1st Test: Predicted playing XIs, live streaming details, weather and pitch report
Malayalam actor Jayasurya denies sexual abuse allegations, says he is a 'living martyr'
Priyanka Gandhi set to make electoral debut from Wayanad, to contest Lok Sabha bypoll