We have identified an existing NBFC Pargro Investments, under the company’s promoter group. As of 31 October 2023, Pargro is debt-free and does not have any lending operations, the company stated
Adhesive producer Pidilite Industries intends to go into the lending market with a focus on small retail loans, the company said.
“The new company would give credit to its domain ecosystem to bolster its expansion. Small-value retail loans will be the main way that this credit is offered,” according to a statement from Pidilite.
Pidilite announced that it plans to acquire Pargro, a non-banking financial company (NBFC) owned by the promoter group. We have identified an existing NBFC Pargro Investments, under the company’s promoter group. As of 31 October 2023, Pargro is debt-free and does not have any lending operations,” the company stated in a press release.
The company plans to invest up to Rs 100 crore in tranches over the next two years to build the new business, using the optimal combination of debt and equity.
With a surge in second-quarter profit due to lower expenses, the Fevicol maker reported a consolidated net profit of Rs 4.5 billion for the quarter that ended on 30 September, up more than 35 per cent from the same period the previous year.