The Hindu : Business : GE Commercial to invest Rs. 1,000 cr. in India

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Tuesday, Jul 06, 2004

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Business

GE Commercial to invest Rs. 1,000 cr. in India

By Our Staff Reporter

NEW DELHI, JULY 5. GE Commercial Finance, the business-to-business financial services unit of General Electric, today announced its plan to invest Rs. 1,000 crores to strengthen its position in India's mid-market segment that spans a wide spectrum of products, businesses and industry cycles.

The company, having clients in 35 nations covering an array of industries including healthcare, manufacturing, construction, power, infrastructure and equipment finance, will provide a full range of asset-based and cash flow loans for the needs of mid-market businesses.

According to Pramod Bhasin, President, GE Capital India, "Globally, GE is a leading player in the mid-market segment and what sets the company apart is its capability to take asset and term risks. We provide financial products and experience so mid-market companies can grow, keep costs down, manage cash flows and balance sheet issues, better leverage equipment and real estate and make the most of commercial assets."

<167,1p,1>Anil Chawla, CEO, GE Commercial Finance (India and South East Asia), said mid-market enterprises were going to be key drivers in India's growth. But these companies need to make significant capital expenditure investments to be globally competitive. "Our estimates show that this segment is under-funded by as much as 42 per cent and the decision to invest in this segment is designed to bridge this gap. GECF targets the mid-market companies in India and South East Asia, whose turnover are under Rs. 400 crores."

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