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| Rabo India closes INR 350 mn debt facility to Asmitha Microfin |
| Announcement / Corporate Jan 06, 2010, 19:27 IST |
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Rabo India has provided debt funds of INR 350 Million to Asmitha Microfin Limited (AML). Asmitha Microfin Limited is one of the top five micro finance institutions in India in terms of portfolio size. The institution is presently serving over 1.36 million customers with a loan portfolio of about Rs. 990 crore (USD 220 million).
Asmitha has a network of over 540 branches across 140 districts in 14 states pan India. Further, the institution has experienced rapid growth in the last three years and was highly rated by rating agencies CRISIL and M-CRIL. Asmitha has been listed as 29th best among the top 50 MFIs in the world, by Forbes Magazine, USA and it aims to reach out to over 4 million clients with a portfolio of INR 50 billion by 2013.
“We are delighted to further our partnership with Asmitha to facilitate the expansion of lending to the underserved rural and primary producers. The Rabo relationship started with Ashmita in 2005 when in conjunction with the Rabobank Foundation a loan was provided to support the growth during the early years of the institution. We are very pleased to see the continued growth of Asmitha” said Surojit Shome, CEO and Managing Director, Rabo India
“Asmitha Microfin Limited is pleased to partner with Rabo India in providing financial and support services to those who do not have any credit facilities. The facility amount of INR 350 Million from Rabo India will enable Asmitha in expanding its operations deeper into the Indian rural markets and offering its services to many more of the underserved poor in these regions. Further, this facility will enable the institution to continue with its business plans of reaching out to 1.50 Million clients by the end of March 2010” says Dr. Vidya Sravanthi, Chairperson and Managing Director, Asmitha Microfin Limited.
Notes to Editors
Established in 1998, Rabo India Finance Limited is a 100% subsidiary of Rabobank International. Through a wide spectrum of fund and fee based products and services, Rabo India offers sector specific knowledge-based customized solutions in the following core competencies: Food and Agribusiness, Renewable Energy and Carbon Credits, Corporate Finance, Private Equity, Capital Markets, Mergers & Acquisitions and Corporate Advisory, Trade and Commodity Finance and Microfinance. The company is backed by a local pool of intellectual and monetary resources as well as Rabobank’s global network. Rabo India is committed to partnering with clients in creating and providing innovative solutions to their business needs.
Rabobank Group is a full-range financial services provider founded on co-operative principles and awarded a Triple A credit rating from both Moody’s and Standard & Poor’s since 1981. Headquartered in Utrecht, The Netherlands, the Group employs more than 60,000 staff in 43 countries, servicing the needs of more than nine million clients worldwide. Rabobank Group’s operations include retail banking, wholesale banking, asset management, leasing and real estate. Food & Agribusiness is the international prime focus of the Rabobank Group.
Rabobank International (“Rabobank”) is the Group’s wholesale bank and international retail bank, providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.
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