ORIX Corp pumps USD 25 mn into Indian arm

Japanese leasing and finance firm ORIX Corporation today said it has infused USD 25 million (over Rs 150 crore) in its Indian arm ORIX Auto Infrastructure Services Ltd (OAIS).
This is the second capital infusion from ORIX Corp in its Indian operations. The last one was in 2013.
The funding will be used to accelerate growth in the existing businesses, expansion of self drive car rentals vertical 'MyChoize' and launch of an affordable housing finance company in India, the company said in a statement.
OAIS, a wholly-owned subsidiary of ORIX Corporation, is into B2B car rental and leasing business and employee transportation solutions provider, among others.

"The additional equity would help augment the existing businesses as well as support some of our key new initiatives such as self drive and affordable housing finance for which a new housing finance company will be formed soon," OAIS Managing Director and CEO Sandeep Gambhir said.