Sundaram Home expands footprint in Chennai zone aims for Rs 50 cr in disbursements

Chennai, Mar 18 (PTI) Sundaram Home Finance, a wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd, has expanded its presence under the Emerging Business segment in the city, aiming to disburse Rs 50 crore over the next 12 months in the Chennai zone.

    The company inaugurated a new branch in Ambattur after establishing its first branch in Tambaram in January this year.
    In the Chennai zone, the company expects to register disbursements of Rs 50 crore. Sundaram Home Finance has already clocked disbursements of over Rs 200 crore in the Emerging Business segment and is looking to double this amount over the next 12 months, the company said.
    Commenting on the inauguration of the Ambattur branch, Sundaram Home Finance MD D Lakshminarayanan said, "Ambattur is rapidly growing into a separate township with increasing industrialization and a large number of manufacturing and IT firms in the area. We have been witnessing fast-paced infrastructure development in and around Ambattur."
    "In addition to targeting prime home finance customers, we will also provide working capital finance to the growing small businesses in the western hub of Chennai and tap into opportunities in the affordable housing finance segment in this region," he said in a statement on Tuesday.
    Earlier this month, Sundaram Home Finance inaugurated four new branches in Arani, Ambur, Gudiyattam, and Tirupattur under this segment.
    The company has over 50 branches in this segment and recently expanded its presence to Andhra Pradesh. As part of its growth plans, it also intends to foray into Telangana in the Emerging Business vertical, the statement added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)