Bhasin: Able manager

Mumbai, July 5: GE Commercial Finance, the business-to-business financial services arm of US conglomerate General Electric, today said it will invest up to Rs 1,000 crore ($222 million) to expand its operations in India.

GE Commercial Finance is targeting the mid-market segment in the country.

“Globally, GE is a leading player in the mid-market segment and what sets us apart is the capability to take asset and term risk. We provide financial products and experience so that mid-market companies can grow, keep costs down, manage cash flows and balancesheet issues, better leverage equipment and real estate and make the most of commercial assets,” said Pramod Bhasin, president GE Capital India & GECIS Global.

It is targeting companies with a turnover of Rs 400 crore in India and South East Asia. Anil Chawla, CEO of GE Commercial Finance, India and South East Asia, said, “Mid-market enterprises are going to be key drivers in the country’s growth. But these companies need to make significant capex investments to be globally competitive. Our estimates show 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.”

GE Commercial Finance is one of the largest business-to-business financial services groups in the world. It serves a wide spectrum of clients, including healthcare, manufacturing, construction, power, infrastructure and equipment finance in 35 nations.

It is one of the leading non-banking financial company (NBFC) in India with an asset base of $1.2 billion and a network of 21 branches across 40 locations.

The NBFC provides a range of asset-based and cash-flow loans to mid-market businesses. The financing is customised to suit the customer’s needs and varies from a simple loan to complex operating and financial leases. GE leverages its global expertise, experience, depth and focus in managing assets to offer its customers asset solutions across various industries.

GE Commercial Finance, India and South East Asia started operations in 1993.

In addition to the mid-market segment, it also provides end-to-end solutions to large Indian companies for their short and long-term financing requirements.