Tata Group's financial services a division of Tata Capital, is raising Rs 500 crore through a debenture issue, is likely to start its home loan business by March this year.
Tata Capital Managing Director and CEO Praveen P Kadle notify, "We have applied to the National Housing Bank (NHB) and are awaiting its clearance. If we get the approval we will launch the home loan business by March".
Kadle informed a couple of months back company had applied to the NHB.
On being enquired about the company's plans of starting the commodity brokering business, he stated that the company will not enter that immediately. While in August last year, Tata Capital had revealed its plans of entering into home loan business.
Lately, Anil Ambani Group firm Reliance Capital had got the approval of the NHB for introducing a housing finance subsidiary, which would be ready in the next two months.
At present Tata Capital is offering services in the diverse segments of retail, corporate and institutional clients via seven broad areas of business, that is -- Retail Finance, Corporate Finance, Investment Services, Investment Banking, Private Equity, Wealth Management and Rural Finance.
Further more, the company's plan aims to merge existing lines of business, look at new business opportunities, follow strategic alliances and power its technology advantage.
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Economic downturn has meant even the fastest growing economies are finding it hard to circulate cash within the economy.
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