Kerala chit fund firm to ramp up network

Kerala-based Sree Gokulam Chit and Finance Company Private Limited is planning to add 10 more branches across the country by end of this fiscal. The company recently opened its 185th branch in Visakhapatnam.

"Most of our branches are located in Kerala and Tamil Nadu. The Vizag branch is the fifth one in Andhra Pradesh," Baiju Gopalan, executive director, Sree Gokulam Chits, told mediapersons.

"Over the next six months, we will increase the branch network to 195 and soon open our sixth branch at Guntur in Andhra," he added.

The company's turnover during the last fiscal stood at Rs 2,000 crore, and it expects to achieve Rs 2,200 crore this year.

Apart from chit fund, Sree Gokulam is into hotel and education. It is running five hotels with about 300 rooms, and is planning to construct hotels at Hyderabad and Bangelore at an investment of about Rs 60 crore with each hotel having about 100 rooms, he said.

The hotel business contributed Rs 50 crore to the turnover last fiscal.