Upbeat on growth prospects, Lulu Financial Holdings to expand NBFC business in India

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Bullish on growth prospects, Abu-Dhabi headquartered Lulu Financial Holdings is expanding its NBFC business in India by initially focusing on organic growth and is targeting to have a loan book size of Rs 100 crore by the end of March next year, according to a top company official.

Lulu Financial Holdings, which is mainly into financial services, has investments in the Indian sub-continent, GCC (Gulf Cooperation Council) and APAC (Asia Pacific) regions.

In India, the company owns the NBFC -- Lulu Financial Services (India) Private Ltd -- and Lulu Forex Private Ltd, India. The NBFC (Non-Banking Financial Company) started operations last year and is in the process of expanding its business starting from the South, Lulu Financial Holdings Managing Director Adeeb Ahamed said.

"We have got into the NBFC space and it is very big in India.... It is a growth sector and we are targeting that as an area that we will be investing more... We have started expanding in Kerala and we will be taking it to other states as well," he said.