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| Former Chola MD floats new housing finance firm |
| BS Reporter / Chennai Aug 21, 2010, 00:51 IST |
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M Anandan, former managing director of Cholamandalam DBS Finance, has floated a new housing finance company called Aptus Value Housing Finance India Ltd, with a capital of ' 32 crore. The company would focus mainly on semi-urban and rural, affordable and low-income home.
Other members on the board include V P Nandakumar, director of the company, who is currently the chairman and managing director of Manappuram General Finance and Leasing, and Shailesh Mehta, managing general partner of Granite Hill Capital Partners. D Arulmany, will be the president and chief executive officer of the company.
The company has set a target to disburse housing loans worth ' 125 crore, to support which the company has said it will raise around ' 100 crore debt from banks.
Aptus plans to start with five branches and will increase the number to 20 by March 2011, according to Anandan. “Immediate focus will be Tamil Nadu, and over the next five years, we will expand across the south,” he said. The company has started disbursement to customers including tea shop owners, vegetable vendors, and others.
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