CHENNAI: After its recent expansion in west of India, Sundaram Home Finance is now targeting to enhance its presence in central India.
As part of this exercise, it opened a new branch on Thursday in Kota, in Rajasthan even as it plans to ramp up its presence in Udaipur in the coming months. It has branches also in Jaipur, Ajmer and Jodhpur.
Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said, “Over the last couple of years, we have strengthened our presence
in south expanding into tier 2 and 3 towns. While we will continue to penetrate deeper into remote towns in this market, we are exploring opportunities to expand further in select geographies outside the south.”
Noting that its foray into Navi Mumbai in February was a step in that direction, he said “the current expansion in Rajasthan combined with our plans to target the western India market will go towards gradually expanding our footprint outside south.”
He sees Rajasthan, a vibrant market with a high degree of credit culture, growing rapidly with urbanisation and economic prosperity. There is potential to register disbursements of around Rs 300 crore in the next 2-3 years in this state. It has over 140 branches in the south and in MP, Rajasthan, Maharashtra and Gujarat, as per a release.