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1-Jul-2016
MUMBAI: Muthoot FinCorp is in advanced talks with foreign private equity funds to raise Rs 400-500 crore for its microfinance business as it looks to expand its diversified lending portfolio with more consumer-centric products and insulate itself from the impact of volatile gold prices.
“Yes, we are looking to raise funds and are in serious talks with some large foreign PE funds. I cannot divulge any names at this moment. This is part of our strategy to de-risk assets by diversifying into non-gold credit businesses,” Muthoot FinCorp chairman Thomas John Muthoot told ET. Muthoot FinCorp is the flagship of the Muthoot Pappachan Group.