Gokulam group to foray into gold loan business

The Rs 8,000 crore turnover Sree Gokulam Group is planning to make a major foray into the gold loan business by taking over "inactive" non banking finance companies.
Addressing a media conference here in connection with the group's 46th anniversary celebrations, A M Gopalan, Chairman and Managing Director, said the group was in talks with such NBFCs and would be launching its operations within a year.
The RBI has presently stopped issuing licenses for starting NBFCs.
Besides gold loan business, the company will also be providing housing loans to needy customers.
Gopalan, however, refused to divulge the details of shortlisted companies they were in talks with.

The Gokulam, group which has entered into the 46th year dealing in chit funds, hospitality, education, healthcare, food and beverages, media and entertainment industries, was also planning expansion of its existing education and hospitality business verticals by launching more schools and hotels.

In hospitality sector, the group has 10 star hotels in Qatar, Chennai, Coimbatore, Guruvayoor and Ernakulam. Two three star hotels are getting ready for inauguration in Chennai and Coimbatore, according to the company.
The upcoming shopping mall in Kozhikode is expected to be operational within the next year.
The group which presently has four schools will start two more in Kozhikode and Malappuram, while the group's medical college in Thiruvananthapuram is spearheading the group's CSR activities by providing free treatment and food for 100 needy patients, it said.

Sree Gokulam Cruise Lines and Resorts, which is the latest addition to the group, launched the first houseboat of Kochi recently.