New Innings

Fledgling financial powerhouse, the Janashakthi Group added another trophy to its growing portfolio by taking over the assets of Mutual Finance and Investments Ltd.rn

rnRe-christened as Janashakthi Finance and Investment, the Janashakthi Group forked out around Rs. 7.6 mn to acquire the relatively dormant finance company.rn

rnWhile approving the formal takeover, the Central Bank as the regulatory authority has asked the group to top up Rs. 15 mn annually, for a six year period to enable the firm to meet the mandatory Rs. 100 mn minimum capital requirement.rn

rnldblquote The new addition, is merely an extension of our products and services in the financial sphere,
dblquote says Ramesh Schaffter, Director Janashakthi Finance and Investments.rn

rnldblquote The opportunity arose, we were interested. By buying into an existing company, we can leverage on the Janashakthi brand name to cross sell various financial products,
dblquote he said.rn

rnJanashakthi inherited Rs. 400,000 in treasury bill investme