Sumitomo Mitsui Financial Group (SMFG) of Japan announced a landmark ₹3,000 crore capital infusion into SMFG India Credit Co Ltd (SMICC) on Thursday via a rights issue, signaling its commitment to expanding its footprint in India’s financial sector.
This funding includes ₹300 crore allocated to SMFG Grihashakti, its wholly-owned subsidiary specializing in home financing.
In April 2024, SMFG had already injected ₹1,300 crore into SMICC, bringing the total capital infusion for the financial year to a record-breaking ₹4,300 crore—the highest since SMICC’s inception.
“This strategic investment underlines SMFG’s steadfast dedication to supporting SMICC’s growth and fostering financial inclusion across India,” the company said in a statement.
As of September 30, 2024, SMICC reported an impressive ₹49,800 crore in Assets Under Management (AUM), reflecting a robust 25.1% year-on-year growth.
The fresh infusion is expected to bolster SMICC’s Capital Adequacy Ratio (CAR), further solidifying its financial foundation and enabling the company to drive sustainable growth in the coming years.
