Rural housing finance to touch 5-6k Crore
Monday, 25 October 2010, 15:50 IST
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Mumbai: Mahindra & Mahindra Financial Services (MMFSL) anticipates that the balance sheet of its rural housing finance subsidiary will grow to around Rs 5,000-6,000 crore in about three to five years' time, a top company official said. "Our rural housing business stood at Rs 90 crore last year. This year, in the first-half itself (H1, FY'11), we have done that much business,"the managing director of the Mahindra Group firm, Ramesh Iyer, told PTI here. Mahindra Rural Housing Finance holds a 87.5 percent stake in the subsidiary and the remaining 12.5 percent is held by National Housing Bank (NHB). Mahindra Rural Housing Finance's profit stood at Rs 3.6 crore in H1 this fiscal as against Rs 40 lakh in the year-ago period.
Source: PTI
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