Cholamandalam Investment and Finance Company Limited is comprehensive financial services provider offering vehicle finance, home loans, SME loans, consumer & small enterprise loan, loan against property, insurance agency, home equity loans, secured business & personal loan, wealth management, stock broking, mutual fund distribution and a variety of other financial services to customers. The company operates from 1613 branches across India with Assets Under Management above Rs 1,99,000 crore.
Promoted by M.A. M Arunachalam, M V Murugappa, and M V Subbiah on 17 August 1978 as a public limited company, Cholamandalam Investment and Finance Company (CIFCL), belonging to the Murugappa Group, commenced business on 22 Nov.'78. In 1986, Standard Chartered Bank (SCB) took up a 28% stake, which was later increased to 30%. SCB disinvested its holding in 1993 as a part of its strategic review of its business. Other group companies are EID Parry, Amphetronix, Parry Confectionery, Carborundum Universal, Tube Investment of India, etc.
In 1991-92, the company ventured into auto-finance for cars and commercial vehicles. In Jan.'95, CIFCL came out with a public issue of equity shares at a premium of Rs 90, aggregating Rs 42.5 cr, to part-finance its long-term fund requirements to expand its activities.
The company ventured into mutual funds, securities trading and risk management through separate subsidiaries/joint ventures. Cholamandalam Securities is its wholly owned subsidiary. The company made a Right Issue in the ratio of 1:2 to its existing shareholders in 2003.
On 27 August 2004, Cholamandalam Investment & Finance Company informed stock exchanges that Cholamandalam AXA Risk Services Ltd (CARSL) has become a subsidiary of the company with effect from 27 August 2004. This is consequent to the purchase of 5 lakh equity shares of CARSL after the termination of Joint Venture in CARSL with M/s. AXA, France.
On 5 November 2014, Cholamandalam Investment & Finance Compan