Uttar Pradesh based S E Investments, which is in planning to apply to the Reserve Bank of India (RBI) to change its name to SEIL Microfin, is eyeing Rs 850 crore worth of business in FY2011.
On the company`s proposed name-change,SE Investment Managing Director Sunil Agarwal said that the current name does not highlight the company’s core expertise in microfinance.He also added that once they received the approval from the authorities concerned, they hoped that the name change would attract more customers to avail the companies financial services.
The company also plans to diversify into the financing of low-cost homes and is eyeing Rs 50 crore of business by the end of the first year of operations in this segment, he said. A separate subsidiary would be floated for this business, he said, adding that the initial-phase investment has been pegged at Rs 45 crore.The company is in the process of approaching the National Housing Bank (NHB) for the required approvals.
The company also plans to increase its customer base by 1.20 lakh in this fiscal.In FY10, SEIL’s customer-base stood at 3.5 lakh.