Mumbai, 13th September, 2016: Cholamandalam Investment and Finance Company Limited (Chola) inaugurated four new branches in Maharashtra with two branches in Chembur and Dombivali (in Mumbai), one in Chakan (in Pune) and one in Sinnar (in Nashik). Mr. Vellayan Subbiah, Managing Director, Chola along with other distinguished guests inaugurated these four new branches.
Chola currently has 54 branches in Maharashtra and further plans to open new branches and strengthen branch presence across all districts, divisions and tehsils as well in the upcoming phases. The company aims to tap all Tier III and IV cities catering to the potential customers based out of Maharashtra. Overall, Chola, in addition to the four new branches has over 168 branches in the West Zone and intend to reach to 200 branches by March 2017.
The eminent guests present at the occasion included: Mr. Balu Bafna, Chairman of Bafna Motors; Mr Mohan Pawar, MD of Pawar Automobiles ; Mr. Jitendra, Managing Director from Jitendra Automobiles and Mr. Ajay Garg, Chairman of Excel Motors.
Speaking on the occasion, Mr. Vellayan Subbiah – Managing Director, Chola, said, “Our plans to expand our footprint in Maharashtra is to deepen relationships with our existing clientele and reach out to potential customers. Moreover, used business particularly Shubh business is picking up really well in these areas. All our branches would provide vehicle finance for both new and used vehicles. At present, on a national level, Chola has 70% of its branches in rural areas, 20% in semi-urban, 10% in urban areas and is continuously extending its reach to meet the increasing financial needs of our customers.”
Mr. Ravindra Kundu – Executive VP & Business Head – Vehicle Finance, Chola on the occasion of the Inauguration stated that “The main factor that is driving our branch expansion exercise is providing personalized service & excellent customer experience. We plan to increase our branch network to increase penetration, customer reach and also strengthen the hub and spoke model. This will help in providing better service to customers through lesser response time.”
As a part of its growth plan for FY 16-17, Chola plans to open over 150 new branches in locations across India. The four new branches opened today are a part of the larger branch expansion exercise for this year. Chola which currently operates out of 617 branches across India and plans to expand this network to over 700 branches in this financial year.