Kerala-based ICL Fincorp, a non-bank finance company (NBFC), has set an ambitious diversification plan as it looks to expand its presence beyond the southern states and double its assets under management this year.

“We have around 300 branches across nine states. But the majority of our branches are in South India. We are now expanding across the country, and we plan to add around 200 branches this year. In Bengal, we are adding 50 branches, including 10 in Calcutta,” said K.G. Anil Kumar, chairman and managing director of ICL Fincorp.

In addition to Bengal, the company plans to expand in Bihar, Jharkhand, Uttar Pradesh, Goa, Rajasthan and Delhi.

The company’s assets under management are around ₹950 crore and 98.65 per cent of the NBFC’s asset books are in gold loans. Anilkumar said that the RBI’s new regulations, which proposes a 75 per cent loan-to-value, will create a level playing field across all regulated entities.

However, the group is planning to diversify its loan book, having been designated as a lending partner by the National Industries Development Council, which coordinates various government schemes to promote micro, small and medium enterprises.

Anilkumar also said that the NBFC plans to raise ₹1000 crore in 2025-26 through non-convertible debentures.