Godrej Finance to expand gold loan business in Andhra Pradesh

There is a big company in India that gives loans to people, and its name is Godrej Finance.

It is buying the gold loan business of another company called Kanakadurga Finance.

A gold loan is when people give their gold jewellery to a company and get money in return.

Godrej Finance wants to grow a lot in a part of India called Andhra Pradesh.

Right now it has 54 branches there, and within two years it wants 100 branches.

It also hopes to lend much more money and bring in many more customers.

The leader of the company, Pankaj Gupta, says both companies share a philosophy of creating prosperity.

The people who ran Kanakadurga Finance say they are confident the deal will protect their customer relationships.

They believe customers will get better technology and the strength of the bigger Godrej Group.