CRSL Plans Branch Expansion; Foreign Partner Likely Later

Chennai, Sept 20 | Updated: Sep 21 2004, 08:34am hrs
Chola Risk Services Company Ltd (CRSL), a subsidiary of the Cholamandalam Investment and Finance Company Ltd (CIFCL), is planning to expand its product range and branch network in the current fiscal.

The company which is into risk advisory and industrial risk management services, will also augment its work force to support the expansion plans.

CRSL was originally Cholamandalam AXA Risk Services Ltd (CARS), a 50:50 joint venture between CIFCL and AXA Group of France. Recently, CIFCL bought out AXA groups stake in the venture and subsequently, CARS became its wholly-owned subsidiary and was rechristened as CRSL.

M Anandan, director of CRSL told FE We will look at a foreign partner for the risk services venture in the future but as of now, we are not considering any proposal. The company has lined up expansion plans on the product front, geographical reach and also manpower strength. Till now, the company has been doing electrical audit and safety audit on specific segments like information technology, telecommunication, leisure (restaurants and hotels), textiles, sugar and engineering. We are planning to do environmental audit for our clients and also penetrate deeper into each of the segments.

For instance, under engineering, CRSL will start looking at consumer durables. The company will help the clients identify risk prevalent within the organisation and also mitigate them. Currently, the company has branch offices, one each in Chennai and New Delhi. We want to expand our network in the current fiscal by adding branches in 4-5 major cities in the country, he said.

Mr Anandan said venturing into newer segments and expanding branch network calls for strengthening talent within the organisation, so the company has decided to recruit five people on the rolls and also outsource talent during the current fiscal.

Right now we have only 7-8 engineers to assist us. Apart from recruiting people on the rolls, we will also be looking at outsourcing talent from institutions and universities. These people will be sourced for specific skills depending on the kind of project, but they will not be on pay rolls of the company. It makes sense to outsource talent as different projects call for different skill sets, he added.