Birla Home eyes more acquisitions

By siliconindia   |   Thursday, 05 September 2002, 19:30 IST
Printer Print Email Email
NEW DELHI: After its takeover of ITC Classic Home Finance, KK Birla group company Birla Home Finance is looking out for more acquisitions to expand its business to over Rs 1,700 crore by 2006-07. "We are on the lookout for acquiring home finance companies and assets. We have plans for both organic and inorganic growth," Birla Home Finance chairman H S Bawa was quoted by a news agency in India. The 50:50 joint venture between K K Birla group's Chambal Fertliser & Chemicals and German housing major BHW Holdings AG acquired ITC Classic Home Finance in 2000. The company has firmed up its plans to set up 12 new branches in major cities this year, in addition to 10 operational branches in Kolkata, Bangalore, Chandigarh, Jaipur, Bhopal, Hyderabad, Ahemdabad, Chennai, Cochin and Delhi, while setting up 40 regional development offices. The firm is hoping to pool up resources by expanding its equity base to Rs 200 crore by 2004-05. "The Birla group and the German partner would infuse Rs 25 crore each in Birla Home Finance this fiscal to increase the capital base to Rs 100 crore by March 2003," Bawa was quoted as saying.