ICL Fincorp will acquire Salem Erode Investments

CHENNAI: based on Kerala ICL Fincorp has announced to acquire a non-bank financial company based in Calcutta Salem Erode Investments Limited, through an agreement to purchase shares of 74.27% of the company's participation.

The company which focuses on gold loan has proposed to release public issue of secured Non-Convertible Debentures (NCD) by the end of FY 2019-20, for Rs 100 crore. ICL Fincorp has obtained trade license in Dubai, United Arab Emirates in the similar trade name ICL Fincorp, as part of company’s overseas expansion plan.

K G Anilkumar, chairman and managing director of ICL Fincorp, said, “We aim to be a small finance bank via reverse merger in couple of years. We already have over 28 branches in Tamil Nadu and aim to reach 100 branches in two years.

Apart from Kerala , Tamil Nadu, Karnataka, Telangana and Andra Pradesh, ICL Fincorp also going ahead with its expansion plans on the northern region.

ICL, founded in 1991 is headquartered at Irinjalakuda in Trichur district of Kerala.