Chemmanur Jewellers launches NBFC, diversifies into gold loan

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Kochi: Chemmanur International Jewellers, one of the leading jewelleries in Kerala and the Middle East, has launched a Non Banking Financial Services Company (NBFC) named Chemmanur Credits and Investments Ltd. with its headquarters at Thrissur. This marks the entry of Chemmanur into the gold loan business. The company inaugurated 12 fully operational branches, out of the planned 200 in Kerala, on August 23, 2011.

Bobby Chemmanur, CMD, Chemmanur Credits and Investments said they are planning to introduce gold loans schemes suitable for all sections of the society. The company plans to open 500 branches across Andhra Pradesh, Karnataka and Tamil Nadu shortly and has targeted 5,000 branches across the country by 2020. All branches will have money transfer facility in arrangement with Western Union.

The company plans to start a scheme, Chemmanur Bhadram, to help the common man benefit from the rapid appreciation in gold prices. With 148 years in gold jewellery business and a network of 26 in Kerala and the Middle East, Chemmanur International Jewellers is one of the oldest in this business from Kerala.

Kerala Biz News

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