ICL plans to open 24 branches in Telangana, AP by year-end

Non-banking financial institution ICL Fincorp on Tuesday announced opening of its first branch in Telangana. It also informed about plans to open another 24 branches in the state and Andhra Pradesh region by end of this year.

"Telangana and Andhra Pradesh are major market for us. The main objective of this initiative is to tap more customers and increase our penetration," ICL's managing director & chief executive officer K G Anilkumar said in a statement.

The company's first branch would be in Old Alwal area of Secunderabad and upcoming offices in Hyderabad region would be in Dr A S Rao Nagar, KPHB Colony, Malkajagiri, Dilshukh Nagar, Ameerpet, Begumpet, BHEL, Balanagar, Jeedimetla and West Marredpalli, it said.

ICL now has 42 branches across Kerala and Tamil Nadu and plans to expand its portfolio from 100 branches in the current financial year, the statement said.

ICL Fincorp said it is planning to open as many as 1,000 additional outlets within next four years and expects around Rs 5,000 crore business from these 1,000 branches.