“We are pleased to announce the completion of PMFL’s gold loan business acquisition. In line with our five-pillar strategy of enhancing customer acquisition, we continuously endeavour to expand our existing product offerings in a synergistic and contiguous manner,” said Sudipta Roy, Managing Director & CEO of L&T Finance.

L&T Finance has one of the largest rural franchises of approximately 1.6 crore rural customers, and hence, this acquisition is a natural, contiguous cross-sell product extension of its business, said the company. “Our rural workforce of 20,000 feet-on-street will provide an immediate force multiplier, enabling active generation of gold loan leads within our existing customer base. This is a significant strength that sets us apart from the competition,” said Roy.

“The gold loans business will fill a crucial gap in our portfolio, introducing a secured, high-yield product that will benefit both our rural and urban customers. This acquisition is not just about expanding our offerings; it’s about solidifying our position as a comprehensive financial partner for our customers across the country,” added Roy.