Muthoot Group to foray in wealth management services

Kochi, Sep 29: The Rs 7,000-crore Muthoot Group is making a foray into wealth management services with its new 100 per cent subsidiary 'Muthoot Wealth Management Services Pvt Ltd,' Group Managing Director George Alexander Muthoot said here.

Addressing the press last night, Mr Muthoot said the new company planned to open 25 independent offices this financial year. It had already tied up with a number of insurance companies,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, achieved 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 had been in operation for the past five years, Mr Muthoot said.

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

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

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

Muthoot Group had also made an investment of Rs 25 crore in setting up three four MW wind power units in Tirunelveli in Tamil Nadu to tap alternative sources of power generation and was planning to invest more in the sector in the near future, he added.

UNI