No sir. I certainly do not know why Gruh is a subsidiary nor would like to emphasize on that point. It’s business decision. Most of the HFC’s arms of NBFC’s are set up as subsidiaries since NHB mandates certain % of housing loans to qualify as HFC. That’s the reason Mahindra, Sundaram, Sriram etc have set up HFC’s as subsidiaries.
Gruh was acquired by HDFC long back and I guess they want to operate it as separate business. It would not be correct to think they want to operate it as separate company because they don’t think it’s as safe as their primary business.
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