- Fintech
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Japan's SMFG invests Rs 1,300 cr in SMFG India Credit Co for expansion
SMICC's assets under management (AUM) stood at Rs 42,487 crore as of December 31, 2023, while the April-December 2023 disbursements were higher by 46 per cent compared to the year-ago period at Rs 28,790 crore.Mumbai, Japan's Sumitomo Mitsui Financial Group (SMFG) on Tuesday announced a Rs 1,300 crore investment in domestic non-bank lender SMFG India Credit Co (SMICC) through a rights issue. Pankaj Malik, the chief financial officer of SMICC, said the Rs 1,300 crore should be seen as a "strategic move" which underscores its commitment to fortify expansion efforts.
SMICC has invested Rs 150 crore in its wholly-owned subsidiary SMFG India Home Finance Co, known as SMFG Grihashakti, a statement said. SMFGICC, an NBFC - Investment and Credit Company (NBFC-ICC), was acquired by SMFG in 2021 for a deal reported at USD 2 billion.
SMICC's assets under management (AUM) stood at Rs 42,487 crore as of December 31, 2023, while the April-December 2023 disbursements were higher by 46 per cent compared to the year-ago period at Rs 28,790 crore.
It has 990 branches in the country at present, as per the statement.
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