Fullerton India plans to double equity capital expand network

Fullerton India Credit Company (FICCL), a wholly owned subsidiary of Fullerton Financial Holdings of Singapore, is planning to double its equity capital base to Rs 1,400 crore from the existing Rs 700 crore by the end of next year.

"We will infuse Rs 220 crore by the end of this calendar year and the balance amount by the end of next year," said, GS Sundararajan, managing director and chief executive officer, FICCL.

The company is looking to disburse credit to the tune of Rs 5,000 crore and open 500 more branches in the country during the next 18 months. So far, it has disbursed Rs 1,800 crore through its existing 325 branches.

According to Sundararajan, the non-banking finance company has more than 8,000 employees and is adding 1,200 people every month. Of the proposed 500 new branches, 350 will be opened in C and D category towns.

"We will be present in all the districts in the country," he said adding that FICCL would explore the possibility of a tie-up with microfinance institutions or self-help groups when it rolls out its second phase of rural credit disbursement plan.

Fullerton signed a memorandum of understanding with the LV Prasad Eye Institute here today for its corporate social responsibility (CSR) community outreach programme 'Save the Eye'. The programme is aimed at providing comprehensive eyecare services in communities surrounding its branches and locations.

Sundararajan said the company had also held such programmes in Vijayawada and Indore. The company has targeted to reach 1 lakh beneficiaries through 100 such events over a period of one year. The company expects to spend Rs 10 crore on its CSR initiative in 2008.