Murugappa group's Chola expects 30% AUM growth next fiscal, bets on EVs

Chennai-based company is expanding EV presence by forming tie ups with original equipment manufacturers

Cholamandalam Investment and Finance Company (Chola) expects 25-30 per cent growth in its assets under management (AUM) for Financial Year 2023-24 (FY24).

The financial services company of the Murugappa group is betting on electric vehicles (EV) and new businesses as key drivers for growth, a senior executive of Chola told Business Standard.

Chola’s total AUM in the third quarter of FY23 was Rs 95,468 crore, up 31 per cent compared to the same time last year. Of that amount, Rs 61,285 crore and Rs 19,997 crore came from vehicle finance and loans against property (LAP), respectively. The two segments contribute