Birla Housing scouts acquisitions

Wednesday, 20 November 2002, 08:00 Hrs
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Aiming to reach a turnover of Rs 1000 crore by 2005, Birla Home Finance has charted out growth plan including acquisitions, IPO and raising equity base from Rs 70 crore to Rs 100 crore.

NEW DELHI: "As a part of our growth plans we are eying both organic and inorganic growth and expansion of our current equity base. We are in talks with a few players for a possible acquisition," H S Bawa, chairman, Birla Home Finance, told reporters in New Delhi today.

Bawa said the company was looking out for players which matched its stategic fit and had a good portfolio.

On the initial public offer, he said it was a part of its growth plan but declined to give a time frame.

BHW Holding, its 50% partner in the joint venture had received all the necessary clearances for equity infusion which would be completed by year end.

Company managing director Subrata Dutta Gupta said unveiling a new deposit linked housing loan scheme, that company was also open to participation in the equity if the player matched the strategic fit and brought some technical expertise with itself.

He said the company would also raise debt to the tune of Rs 200 crore by way of fixed deposits and short-term borrowings to fund its expansion.
Source: IANS

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