If you see 2/3 years down the line (and still believes what management is saying), they would have significantly reduced their exposure to balance sheet based lending business. Wholesale would have 2-3K, HFC and other lending business will be growing based on co-lending model. So 2/3 years Edelweiss could be much different than what it looks today.
So one could view Edelweiss as bunch of Financial services business which can grow without loading on Balance sheet.
Pabrai has got huge success in following the same template in Fiat-Chrylser. He bought it and they spin-off Ferrai, which has been roaring and doing exceptionally well after separating. Hopefully Nuvama follow similar path after separating.
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