Motilal Oswal to Infuse Rs 200 crore into step-down arm Aspire

By Sanam Mirchandani
MUMBAI: Motilal Oswal Financial Services’ chairman Motilal Oswal said the company plans to infuse Rs 200 crore in Aspire Home Finance Corp (AHFCL) in the current financial year on expectation of strong growth in the housing finance business.

“We expect the housing finance business to continue doing well. In the past, MOFSL has infused Rs 300 crore in Aspire,” Oswal said.

AHFCL is a subsidiary of Motilal Oswal Securities, which is a part of Motilal Oswal Financial Services. MOFSL had cash of Rs 286.7 crore on books as of March 31.

Oswal is positive on the company’s housing finance business as it is showing traction in disbursements and reach. In the quarter ended March, the company’s housing finance related income stood at Rs 89.9 crore, up 470% and loan book was at Rs 2,100 crore.

“As a group, we are not planning to raise money from the market currently, but we may do so in the next one or two years as the housing finance business needs constant capital. We expect our housing finance loan book to at least double by the end of FY17,” said Motilal Oswal.