Private sector insurance company Bajaj Allianz, on Thursday, bought 2.5 per cent stake in

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SKS Microfinance, with an equity investment of Rs 50 crore.

Vikram Akula, founder chairman of SKS Microfinance, said the investment would help finance income-generating small and medium projects of women entrepreneurs across the cou-ntry. “Bajaj Allianz’s investment in SKS gives us greater stability and credibility to provide growth opportunities for poor customers. For the next 15 months we don’t need capital,” he said.

“SKS’s unique business model makes it an ideal vehicle serving customers at the bottom of the pyramid,” Kamesh Goyal, cou-ntry manager and chief executive officer, Bajaj Allianz, said.

SKS Microfinance plans to invest the money in building homes for the po-or, launch small scale tra-des for the poor, solar lig-hting projects in Orissa and Uttar Pradesh, among other projects in the pip-eline.

SKS had tied up with various companies to provide goods and services to women entrepreneurs at a discounted rate than the market prices.