Kochi: Inditrade group is scaling up its core services of agri-commodity finance and micro finance to strengthen its presence across the country.
In agri-commodity finance the company is looking to service more commodities while in micro finance it has taken over a company to extend its foot print in more states. It has broken the Rs 100 crore loan position in micro finance and is hoping to end the year with Rs 150 crore.
The group chairman Sudip Bandyopadhyay told that, the group took over a Chennai-based micro finance company Varam Capital which has operations in Chattisgarh.
Currently the group, which forayed into micro finance through Inditrade Micrifinance, operates with seven branches in Maharashtra and 18 in Tamil Nadu. It is expanding into Kerala by April starting with Palakkad and Thrissur districts as it is contiguous with its activities in Tamil Nadu. Palakkad is closer to Coimbatore, where Inditrade has good presence.
In agri-commodity finance, the group is expecting to clock a loan position of Rs 250 crore this fiscal. If more rubber traders had accessed finance a year ago, the focus seems to have shifted to soybean now. The group is financing all spices including cardamom and also commodities like guar, cotton and castor.
According to Bandyopadhyay, taking up wide range of commodities and empanelling with many banks is expected to give the group, which took over the commodity business of Edelweisstwo years ago, a pan-India presence.
Source: https://economictimes.indiatimes.com/
