Inditrade Capital Ltd. has applied with the National Housing Bank to establish a housing finance business, Press Trust of India reported May 16, citing Sudip Bandyopadhyay, chairman of the Inditrade group of companies.

The business will operate via a separate subsidiary and aims to grant 400 million Indian rupees of loans in its first year, Bandyopadhyay said.

In addition, the company will soon commence its merchant cash advances business, which looks to help small businesses meet their working capital requirements, the chairman added.

The company has already obtained all necessary approvals to launch the merchant cash advances business.

As of May 16, US$1 was equivalent to 67.79 Indian rupees.