Kirloskar group got RBI licence to open Rs. 1000 crore NBFC Kirloskar Capital

• 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.

Key highlights

• 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

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