Cholamandalam Investment to beef up retail outlets in FY17

company Cholamandalam Investment and Finance Company has opened four new branches in Karnataka as part of plans to have over 700 outlets during the current financial year.

Cholamandalam Investment and Finance Company Managing Director Vellayan Subbiah inaugurated four new branches in Peenya, Ramanagara, Bommanahalli and Devanahalli, taking the total number of branches to 37 in Karnataka, a company statement said.

As part of its growth strategy, the company plans to add 150 new branches across the country to the existing 571. It plans to expand the overall network to over 700 branches during the current financial year, it said.

"Our expansion is to strengthen our relationships by being closer to our customers," Subbiah said.

"At national level, Chola has 70% of its branches in rural areas, 20% in semi urban, 10% in urban areas and is continuously extending its reach to meet increasing financial needs of customers," he said.