In line with the expansion plan of NBFC's operations, the Japanese financial services company Sumitomo Mitsui Financial Group (SMFG) has invested Rs 13 billion through rights issues in its Indian arm, SMFG India Credit Company Ltd (previously Fullerton India Credit Ltd). This is SMFG's first new equity investment into the Indian division following its 100% acquisition of Fullerton. Pankaj Malik, the chief financial officer of SMFG India Credit Company (SMICC), stated that the strategic move reflects the company's dedication to strengthening its expansion endeavours. He mentioned that according to the corporate presentation, the capital adequacy ratio was 17.3 percent by the conclusion of December 2023. Additionally, it was noted that in 2023, SMFG had invested Rs 6 billion in perpetual debt, which constitutes a portion of Tier-I capital. The remainder of the 25.1% equity investment in SMFG India Credit was acquired by SMFG from Fullerton Financial Holdings in March 2024. The transaction will make SMICC an entirely-owned subsidiary of SMFG. The deal for SMFG to buy 74.9 percent of SMICC from Fullerton Financial Holdings (FFH) was finalised in December 2021. As of December 31, 2023, the SMICC's assets under management (AUM) increased by 24% over the previous year. The payment from April to December 2023 increased by 46%. SMICC said that the company's expansion to 990 branches nationwide is evidence that the business plan has been effective. In the meantime, SMICC has made an Rs 1.5 billion investment in SMFG India Home Finance, a fully owned subsidiary. It is anticipated that this investment will strengthen efforts to offer citizens financing options for affordable homes.