Future Capital to set up 100 financial superstores
06 Apr 2011
Future Capital Holdings (FCH), part of Kishore Biyani's Future group, plans to set up a chain of 100 financial superstores at its retail outlets, offering consumer loans, insurance policies and real estate broking services to consumers.
Biyani told reporters in Mumbai that the 100 superstores, manned by about 300 employees, would also feature outsourced ATMs. The stores would range between 150 to 350 sq ft and the first ones would shortly be opened in Mumbai's suburbs including Vashi, Thane and Kalyan.
The Future group operates about 200 large-format stores (under its Big Bazaar, HomeTown and Ezone brands), and registers about 200 million footfalls annually across its 15 million sq ft of retail space.
V. Vaidyanathan, vice-chairman and managing director, FCH, said that the company planned to disburse loans amounting to about Rs1,000 crores in the current fiscal to about 100,000 customers through the new stores.
FCH's loans portfolio saw a 100 per cent growth last year and adds up to Rs.3,000 crore. Vaidyanathan expects this to touch the Rs.5,000-crore-mark by the end of 2011-12.
FCH is also in talks with commercial banks for distribution of home and auto loans, and has also tied up with credit information agencies including Cibil and TransUnion.
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