Piramal Finance sanctions Rs 400-cr in emerging, mid-market biz

The firm has provided funding to sectors as diverse as automotive dealerships, pharma, manufacturing

Financial services firm, Piramal Finance on Tuesday said it has sanctioned Rs 400 crore through its vertical - Emerging Corporate Lending (ECL) to fund emerging and mid-market businesses.

ECL has been set up as a sector-agnostic platform and engages with clients across manufacturing, trade and services sectors, offering solutions with ticket size ranging from Rs10-100 crore.

"This is a natural progression for our platform and adds both diversification and granularity to our existing lending portfolio. With competitive interest rates and a flexible product offering, we are confident that Piramal Finance will be able to scale up its presence within this space," Piramal Finance managing director, Khushru Jijina said in a statement here today.

ECL has provided funding to sectors as diverse as automotive dealerships, auto ancillaries, manufacturing, pharmaceuticals, electronic surveillance and IT services. ECL aims to target Rs 1,000 crore of disbursements by the end of this fiscal.