Inditrade begins TN operations

: Financial service provider Inditrade today launched micro-finance operations in Tamil Nadu and has planned to disburse Rs 50 crore during this year, a top official said today.

Tamil Nadu is the second State after Maharashtra where the company started the micro-finance operations.

As part of the launch, five new branches were opened - Ponneri, Gummidipoondi, Minjur, Red Hills and Ottukottai, respectively, in neighbouring Tiruvallur district.

"We strongly believe there are significant opportunities in semi-urban areas of an industrialised state such as Tamil Nadu for a micro-finance player to provide service...", Inditrade Group of Companies group chairman Sudip Bandyopadhyay said.

"We have been studying the markets for more than one year and have identified the industrial belts of Tamil Nadu to expand our micro-finance activities...", he said.

The company plans to create a loan book of around Rs 100 crore by end of current financial year with approximately Rs 50 crore contributing from Tamil Nadu, he said.

The company plans to open another 10 branches by end of the current financial year including in Chennai and Coimbatore, the release added.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)