Chemmanur International Jewelers diversifies into gold loan business

KOCHI: Chemmanur International Jewelers, a company with a network of 26 jewelleries spread across Kerala and Middle East, is diversifying into gold loan business.

A new non-banking financial services (NBFC) company with Thrissur as headquarters has been launched for the purpose. The NBFC, Chemmanur Credits & Investments Ltd, is planning to open 5000 branches across the country by 2020, Bobby Chemmanur, director of the company said.

In Kerala, the company is planning to have 200 branches. Of this, 12 were inaugurated on Tuesday itself. Chemmanur Credits & Investment is planning to introduce gold loans schemes suitable for all sections of the society, he said.

Close to 500 branches will be opened in the Southern states of Andhra Pradesh, Karnataka and Tamil Nadu. All branches of the company will have money transfer facility in arrangement with Western Union.