Aditya Birla Finance (http://www.adityabirlafinance.com/) which is a subsidiary of Aditya Birla Nuvo and is the NBFC arm of the Aditya Birla Group has announced its entry into the microfinance sector of India. Aditya Birla Finance is the newest entrant to the Indian microfinance sector and follows other biggies like Reliance Consumer Finance, L & T Microfinance and Fullerton all of whom have entered the microfinance sector in the last two years.
Market sources revealed that the company has just closed a financing deal with a large Hyderabad headquartered microfinance institution that has a borrower base of more than 100,000 customers.
Aditya Birla Finance is one of India’s leading non-banking financial companies (NBFC). Started in 1991, the company is considered to be one of the largest players in security-based lending and is a dominant player in IPO Financing.
Speaking on his company’s entry in the Indian Microfinance sector to the media, Sudhakar Ramasubramanian who is the Chief Executive Officer (CEO) of Aditya Birla Finance said that the microfinance sector in India is one of the fastest-growing segments in the financial services category and Aditya Birla Finance is looking forward to building a large and healthy portfolio over the next few years.