Muthoot Group floats new company for wealth management services

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Kochi, Sep 29 (UNI) The Rs 7,000 crore Muthoot Group is making a foray into wealth management services and has floated a 100 per cent subsidiary called 'Muthoot Wealth Management Services Pvt. Ltd.', group Managing Director George Alexander Muthoot said here.

Addressing a press conference last night, Mr Muthoot said the new company plans to open 25 independent offices within this financial year.

It has already tied up with a number of insurance comapnies, mutual funds and share trading companies to offer its customers investment options in life insurance, non-life insurance, mutual funds, share trading and gold investment.

Kerala-based Muthoot Group, which is one of the largest non-banking financial companies (NBFCs) in the country, reached a landmark with the opening of its 650th branch, at Rajapalayam in Tamil Nadu on September 26. The group also opened its representative office in London in July this year while its Dubai office has been in operation for the past five years, Mr Muthoot said.

The group, which has a presence in other sectors such as real estate, agriculture, hotels, IT, health care services and non-conventional energy, will start construction work on a five star hotel in Kochi next year.

The group intends to invest about Rs 100 crore in the 300 plus room luxury hotel. It is negotiating with some foreign chains to partner the project, he said.

The group's plans to enter the field of media and entertainment will fructify with the launch of its first FM radio station at Chennai next month. The group has invested about Rs 20 crore in the venture.

It had also made an investment of Rs 25 crore in setting up three 4 MW wind power units in Thirunelveli in Tamil Nadu to tap alternative sources of power generation. The group is planning to invest more in this sector in the near future, he added.

UNI

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