VIJAYAWADA: Godrej Finance Limited (GFL) plans to expand its gold loan business in Andhra Pradesh, targeting an AUM of Rs 1,200 crore by 2031 following its acquisition of Vijayawada based Kanakadurga Finance Limited’s gold loan business.
Addressing the media in Vijayawada on Tuesday, Godrej Finance MD and CEO Pankaj Gupta said gold loans would be a key pillar of the company’s consumer finance strategy. The company aims to double its AP business in two years and quadruple it in five years.
Over the next 24 months, GFL will increase its branch network in AP from 54 to 100 and raise gold loan AUM from Rs 280 crore to Rs 600 crore. Its customer base is expected to grow from 12,000 to 25,000.
The company will expand in Tamil Nadu, followed by Karnataka, as part of its South India growth strategy. Nationally, it aims to serve nearly one million customers with a gold loan AUM of Rs 5,000 crore.
