NEW DELHI: Looking to double its India revenue in the next 3-5 years, London-based diversified conglomerate Caparo Group has lined up ambitious plans for new businesses like power and financial services and hopes to eventually set up a bank as well in the country.
NRI industrialist Lord Swraj Paul-led Caparo Group, which currently has revenues of over Rs 2,000 crore and profits of more than Rs 200 crore from India businesses, has set up various manufacturing facilities here for auto ancillary and steel products.
Globally, the group commands an annual turnover of over Rs 10,000 crore and has presence in a host of engineering and manufacturing sectors, energy, hotels, media and design businesses, among others.
“In my view, the scope in India is fantastic and I would like to see much more growth here,” Paul told PTI in an interview here.
He said the Caparo Group is very focused on India and he would like to at least double the group’s revenue from the country in the next 3-5 years and account for a minimum one- third of the global turnover.
“We have about 8,000-9,000 employees in India. Our India headcount would be two-third of the total numbers worldwide, which is 13,000-14,000 people.
“By and large, we have mostly been in manufacturing business, but diversification has always been at the core of our business strategy and that is why we decided to enter the financial services arena in India with an NBFC,” Paul said.
“We have serious plans to expand our presence in this business. Currently we are providing financial products like advisory services and we are in the process of expanding this business,” he added.
Asked whether the group would be interested in applying for a banking license as RBI has initiated the process for grant of new licenses, Paul however said there are no immediate plans for the current round, but it hopes to eventually seek to set up a bank in the country.
“I don’t think we will apply for the license at the moment, but it is certainly our hope that some day we will.
It’s a new business for us and I am not the one who would jump into everything without thinking. So, hopefully we will one day be a bank,” said Paul, who lives in London and is currently on a visit to India.
“We will like to expand our NBFC, but whether first it would be into retail space or something else, that we will decide. We have a very competent management and there is a very good team in the financial services segment. We are building new offices,” he said. -PTI
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