FICCL targets double fold increase in disbursements

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Mumbai, Dec 3 (UNI) Fullerton India Credit Company (FICCL), a non-banking financial service company, targets double fold increase in loan disbursements for the financial year 2008-09.

The firm having current loan portfolio of Rs 1000 crore is planning to set its loan disbursements target at Rs 5,000 crore for the next financial year from Rs 2,500 crore in financial year 2007.

Talking to the mediapersons here today FICCL's managing director and CEO, G S Sundararajan said, ''We will disburse Rs 5000 crore in 2008-09 and will double the branch network across the country.'' The company has a customer acquisition rate of over 20,000 per month and this is likely to get scaled up to over one million customers per annum by the end of the next year, Mr Sundararajan asserted.

FICCL has a committed capital of USD 300 million from the parent company of which USD 200 million has already been pumped in and USD 100 million will be infused next year, he added.

UNI

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