ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Flex Chemicals

EPW Research Foundation ONE of the first Indian finance companies to have an independent set-up abroad, Kolak Mahindra Finance (KMF) has established a 100 per cent subsidiary christened Kotak Mahindra International in Mauritius. It is also setting up its first office in Dubai and plans to set up offices in other international finance, centres. A leader in the financial services sector, the company has, for the second year in a row, achieved the highest net profit (Rs 42 crore) and market capitalisation (Rs 860 crore) among non-banking finance companies (NBFCs), For the year 1993-94 the company saw a 66 per cent rise in net profit over the previous year on a 51 percent higher total income. Further, the net profit figure for the last six months of 1993- 94 was higher than the profit earned for the entire previous year. The company is a leader in bill discounting and its car finance division, itself a leader among NBFCs, disbursed Rs 100 crore in 1993-94. Us investment banking group, which has a significant presence both in the local and international markets, has handled issues for such stalwarts as Dabur and Godrej Soaps in addition to handling euro-issues for Arvind Mills, Tube Investments of India, Garden Silk Mills and Tata Electric Company. KMF now plans to float a mutual fund for which it has received the necessary permissions. Recently it also entered into a memorandum of understanding with Goldman Sachs, one of the largest investment banks in the world, for investment banking activities.

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