To achieve a growth of around 25-30 per cent over the next couple of years, non-banking finance company (NBFC) Shriram City Union Finance plans to raise around Rs 1,000 crore issuing debentures and through other debt this fiscal, the company said on July 31. The fund raising is expected to happen sometime this year to support the company’s target. The company will continue to grow its non-corporate book size in a focused manner, GS Sundararajan, Managing Director of the company said in Chennai.
The company would need around Rs 2,500 crore for its growth plans in the next 2 to 3 years.
Sundararajan said the company will be the growth driver of the Shriram Group in the coming years with a focused thrust on non-corporate or micro, small, medium enterprises (MSME) sector. He said 17 per cent of the country’s gross domestic product (GDP) is contributed by the MSME sector comprising of around 2.6 crore business units.