Indian Co-operative Credit Society Limited (ICCSL) has acquired two Non-Banking Financial Companies (NBFCs)- Mangalam Industrial Finance Ltd and I Secure Credit and Capital Services Ltd, both listed on the stock exchange.
As part of its expansion strategy, ICCSL plans to convert one of the acquired companies into a Small Finance Bank, while the other will continue to operate as an NBFC.
Announcing the development on social media, Sojan V. Avirachan, Chairman of ICCSL, said that the move marks a significant step in strengthening the organization’s presence in the financial sector and enhancing access to cooperative-based credit services across India.
The news of the acquisition received an overwhelming response on social media, with numerous people congratulating the ICCSL Chairman for this remarkable achievement.
One user commented in Malayalam, saying, “As a way of life and as an investment, this is one of the greatest achievements. Words fall short- it’s a grand journey. Let success come swiftly, and may all shareholders benefit.”
Another user wrote, “The more enthusiastic we are, the more productive we become. All the very best to our chairman for this wonderful achievement.”
A third comment read, “Among the leaders, Sojan Sir stands out with his exceptional abilities. With determination and courage to face any challenge, success is certain. May ICCSL continue to rise to greater heights. Best wishes and blessings.”
