New Delhi, Nov 26 (UNI) India Infoline Ltd today said its board has approved an equity investment of about Rs 300 crore (76.7 million dollars) into its consumer finance subsidiary, India Infoline Investment Services Ltd (IIISL), by the Singapore-based Orient Global which will acquire a 22.5 per cent stake.
The capital will be primarily utilised for the expansion of IIISL's subsidiaries, Moneyline, which is in the business of personal and auto loans, and India Infoline Housing Finance, which is in the business of home loans, said a statement.
''The capital provided by Orient Global for the expansion of financial services is a major contributor towards economic development and prosperity in India today,'' company Chairman and Managing Director Nirmal Jain said.
Moneyline will make use of the group's expansive network of 600 branches to provide credit to a large segment of the populace which currently does not have access to organised credit.
Moneyline plans for an active presence in 60 cities by the end of 2008.
With a combination of decentralised distribution and service, supported by centralised risk management and back office operations, Moneyline aims to leverage technology to reduce costs, deliver superior service and offer a pleasant overall borrowing experience to the customer.