By Our Financial Correspondent
New Delhi, Aug 20 (IVC) Tourism Finance Corporation of India (TFCI) plans to set an alternative investment fund as it is enter retail lending sector, said its Managing Director, Anoop Bali.
The firm is also exploringTFCI Company for setting up alternative Investment Fund. The firm is also exploring ways to raise funds through long-term bonds and debentures, he said adding that TFCI will aggressively expand its wholesale and retail loan bookas it is well capitalized at above 58 per cent.
In 2023-24, the total borrowings of the non-banking finance stood at Rs 983 crore.”We will tap into the fast-growing short-term retail lending through digital technology sponsor an alternative investment fund as part of our diversified offerings and more sectorsto drive our next growth phase,” Bali said adding, that real lending would be largely pursued through digital lending platforms and the lender would partner with fintech companies to expand its retail portfolio.
TFCi also plans to tap into credit opportunities in the household and micro-small enterprises market segments. The firm, which currently focuses on financing through term loans and investment in debentures in the tourism and hospitality sectors, sanctioned loans and non-convertible debentures aggregating Rs 1,454 crore in 2023-24. It reported profit of Rs 25 crore for the first quarter of this fiscal. “Our improved asset quality and robust capital position signify our focus on stability and long term growth”, Bali said.
TIFC’s gross non-performing loans (NPL) amounted to 2.81 per cent in June as against 5.35 per cent a year ago. The raised term loans from scheduled banks and institutions aggregating RS 300 crore.
In the first quarter of this fiscal, the firm’s sanctions increased to 97 per cent year-on-year to Rs 531.50 crore, and disbursements surged to 140 per cent to 179.09 crore. The firm raised Rs 50.02 crore through a preferential equity allotment at an issue price of Rs 225 per share, Managing Director,Anoop Bali said .IVC Ckg Dli ways to raise funds through long-term bonds and debentures, he said adding that TFCI will aggressively expand its wholesale and retail loan bookas it is well capitalized at above 58 per cent.
