Peerless pulling out of residuary NBFC business

Peerless General Finance & Investment Co, with interests in finance, hotels and housing businesses, is in the process of gradually withdrawing from residuary non-banking company (RNBC) business, which has so far been its core business, and is taking up other new lines of businesses.

At the company’s annual general meeting today its Chairman Dipankar Basu said the board was analysing future business prospects at present.

The company’s net worth, in excess of Rs 800 crore now, is expected to touch Rs 1,000 crore in 2-3 years, Basu said.

The company has acquired land in Kolkata for Rs 9.36 crore for constructing its second hotel. Simultaneously, Peerless Securities, a group company, plans to foray into merchant banking. It operates through 24 branches and is set to add new franchisees, offering corporate and wealth advisory services.

The company is scouting for more locations for hotels.

Bengal Peerless Housing Development, a joint sector company of West Bengal Housing Board and The Peerless General Finance & Investment, has improved its operations substantially.

Moreover, the company has been granted land near the Eastern Metropolitan Bypass and at New Town by West Bengal Housing Infrastructure Development Corporation for setting up housing complex.

Its earlier housing projects include ‘Avishikta’, ‘Sonar Taree’, and ‘Avishar’.