Icici To Enter Automobile Financing

Industrial Credit & Investment Corporation of India has decided to enter into automobile financing, consumer credit and factoring, which have high margins.

It proposes to set up a wholly-owned non-banking finance company for the purpose.

The proposed non-banking finance companys asset will be Rs 50 crore and the leveraging is planned through subordinated debt. The retail areas ICICI is entering are consumer-driven automobile financing, consumer credit, vendor leasing, especially in areas of office equipment and commercial vehicle sector.