ICL Fincorp Unlisted Shares

ICL Fincorp expands in Mumbai with five new branches and a regional office: Initiating the first step of larger expansion

Mid-Day

2 min read

ICL FinCorp, a leading gold-oriented NBFC, initiates the first step of larger expansion.

Justification

With 32 years of serving as a preferred financial partner, the company is expanding in Mumbai. They have opened 5 new branches and a regional office, with plans to establish 25 more branches in Mumbai during the financial year.
Adding to the existing 350 branches, the new branches will be inaugurated by Chairman & MD K. G. Anilkumar. In contrast, Whole-time Director Uma Anilkumar will inaugurate the new business launch on 22nd September.
The new branches and a regional office will be located in Matunga, Mulund, Vasai, Borivali, and Ulhasnagar.
The company acquired Salem Erode Investments, a BSE-listed NBFC with over 92 years of service in Tamil Nadu, & launched 'ICL Support' for underprivileged upliftment.
Additionally, they've expanded to the Middle East with ICL Investments LLC and Gold Trading. & have also diversified into travel & tourism, fashion, health diagnostics, and charitable trusts.

Takeaways

The opening of the new branches will lead to increased operations of the company & might the company towards profitability in future.

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