Sundaram Home Finance aims to disburse Rs 300 crore in Madhya Pradesh
, the wholly-owned subsidiary of
Sundaram Finance Ltd
, has strengthened its footprint in Madhya Pradesh with the opening of two new branches, a top official said on Thursday.
The city-headquartered company inaugurated a branch in Pithampur and Ratlam and has targeted disbursements of Rs 300 crore in Madhya Pradesh this financial year.
"This expansion in Madhya Pradesh is in line with our stated intent of identifying select growth opportunities in Tier II and III towns outside South India and building a stronger base in states where we already present in," Sundaram Home Finance MD
D Lakshminarayanan
said in a company statement here.
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The company currently operates two branches in Indore and one in Bhopal. With the current expansion in Pithampur and Ratlam, the total number of branches operated by Sundaram Home Finance in Madhya Pradesh increases to five.
On the reasons behind expanding presence in Madhya Pradesh, Lakshminarayanan said the Central state is an important market for Sundaram Home Finance outside South India.
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"Rapid industrial growth is leading to increased affordability among the customers in that state. Over the last 12 months, we have seen a strong demand for home finance in larger towns like Indore and Bhopal in the mid-segment with a typical ticket size of about Rs 40 lakh", he said.
He expected similar demand to continue for residential properties in Pithampur and Ratlam and expressed confidence of leveraging the increasing growth opportunities in Madhya Pradesh.
The company crossed the milestone by disbursing Rs 1,000 crore outside South India operations last year. The company has over 150 branches across the country.
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