Godrej Inds announces launch of Godrej Capital

Godrej Industries has committed to invest Rs 1500 crore as capital in Godrej Capital.

Godrej Industries on Monday announced the launch of Godrej Capital which will be a subsidiary of the company and holding entity for Godrej Housing Finance (an HFC) and Godrej Finance (NBFC).

Godrej Industries aims to build a retail financial services business and a near term aim of building an Rs 30,000 crore balance sheet by 2026 with Godrej Capital. Godrej further said that Godrej Capital will soon be operational in six new cities and currently has its footprints across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, and Pune.

Commenting on the development, Pirojsha Godrej, chairman, Godrej Capital said, Godrej Capital will form a key pillar in the overall growth of the Godrej Group. We started with home loans in select geographies in 2020. Having seen strong customer acceptance of our offering, we are very optimistic about the prospects of our financial services venture and will be entering new markets and enhancing our reach across key target sectors and consumer segments.

Manish Shah, MD & CEO, Godrej Capital said, We have successfully implemented a digital-first approach at Godrej Housing Finance through innovative products such as design Your EMI and end-to-end contactless solutions delivered digitally. This has inspired us to grow our footprint and to broaden our service offerings to different customer segments through affordable housing loans and unsecured loans. We envision Godrej Capital becoming a new age, leading retail financial services institution in the years ahead.

Godrej Industries is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities.

The company reported 7.1% increase in the consolidated net profit to Rs 182.78 crore on 49.1% increase in net sales to Rs 3514.61 crore in Q3 FY22 over Q3 FY21.

Shares of Godrej Industries were trading 1.49% higher at Rs 495.20 on BSE.

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