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S. Bridget Leena

Chennai, March 27 Armed with Rs 250 crore from the ‘assets stabilisation fund’ administered by IDBI Bank and another Rs 1,000 crore of term loans from banks, Cholamandalam DBS Finance Ltd believes that it has overcome the liquidity problems that beset the company in the third quarter of the year.

As such, the company is set to begin a new year with a clean slate. For the three-decade-old financial services arm of the Chennai-based Murugappa group, it is back to basics. After the marriage with the DBS Bank of Singapore, which at present has a 37.5 per cent stake in the company, (same as the Indian promoters), it briefly dabbled in consumer finance and personal loans and ended up bruised.

Mr N. Srinivasan, Director – Finance, Murugappa group, says that the company will henceforth focus on vehicle finance, an area it is familiar with. It will seek to grow its business in the profitable used-vehicle finance segment, he said.

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