According to the company's executive director & deputy CEO I Unnikrishnan, the home loan market is worth Rs 8,20,000 crore and is growing at a CAGR of 19 percent. With the company's huge customer base of 1.5 million, Manappuram believes that it can play a crucial role in this field.
Explaining rationale behind the purchase, VP Nandakumar, MD and CEO of Manappuram General Finance said in an interview to CNBC-TV18, "It is a shell company. It has not yet started the business. It has got approval from National Housing Bank (NHB) and are holding that without doing business and so we thought we will take it over and do business."