• Kirloskar Capital, a wholly-owned subsidiary of Kirloskar Oil Engines (KOEL), has received RBI licence to start a non-banking financial company (NBFC).
• The company plans to lend more than ₹1,000 crore over the next three years.
• The company had earlier roped in former IndoStar Capital Finance Managing Director and Chief Executive Officer, Vimal Bhandari, to head its operations.
• The initial focus will be on lending to small and medium-sized enterprises by leveraging its distribution network.
• The company will also provide corporate lending, KOEL said in a statement.
• Kirloskar Capital has set up an office in Mumbai, and is in the process of hiring senior talent.
Mains Paper 3: Economy
Prelims level: Kirloskar Capital
Mains level: Indian Economy and issues relating to planning, mobilization of resources