Siemens Financial Services Announces Commercial Finance Operations in India
With the Indian economy predicted to require EUR 5.2 trillion (Rs. 343.2 trillion) in capital expenditure between now and 2020 (based on Global Insight data), Siemens Financial Services (SFS) is rolling out its range of Commercial Finance solutions to help business and public sector customers in India to invest efficiently, and to maximize growth opportunities in a rapidly developing economy. This follows the approval of the Reserve Bank of India to operate SFS? Commercial Finance business as a Non-Banking Finance Company (NBFC).
The expansion of its presence in the Indian market represents a significant milestone for SFS, and is expected to become a significant part in the company?s strategic growth plans. The unit is globally aiming to strengthen its asset base over the medium terms, based on ambitions to become a leading player in its chosen markets and the vendor financing sector. This initiative will help empower Siemens customers in India, and clients of third party technology vendors, with comprehensive solutions in the energy, industry, infrastructure & cities and healthcare areas.
Roland W. Chalons-Browne, CEO of Siemens Financial Services said, ?Financing becomes more and more important in this dynamic and challenging environment, where organizations are looking for access to efficient financing in order to grasp the huge growth opportunities even in difficult economic times. Our financing operations in India allow us to better align with the Siemens sectors. We provide a perfect combination of technologies and financing solutions to customers. We also strengthen our presence in key growth markets, including the financing of third party technology and sales.?
Sunil Kapoor, CEO for the SFS Commercial Finance business in India, said, ?Financing plays an important role in speeding up decision-making, facilitating cash flows and helping bring innovative solutions to market faster. By having our own NBFC license and company, we are in a position to offer loans, leasing and other financial products from India as part of our offering to all sorts and sizes of organization, and as a result, we can provide essential support for Siemens and other B2B vendor financing requirements.?
Siemens research shows that capital expenditure in key Indian markets will be very strong between now and 2020, with the Healthcare sector investing over EUR 200 billion (Rs. 13.2 trillion), Industry more than EUR 125 billion (Rs. 8.25 trillion) and Utilities over EUR 800 billion (Rs. 52.8 trillion). The Commercial Finance business in India will offer tailored financing arrangements in the form of loans and other finance products, as permitted by the Reserve Bank of India, to address this market. Financing will be available for all organization sizes, from SMEs through to large corporations and public sector bodies, with a focus in the Energy, Healthcare, Industry and Infrastructure & Cities sectors, as well as a range of third party markets.
SFS Commercial Finance India is headquartered in Mumbai, and will have customer contacts in many locations across the country. In the initial phase, the financing solutions will be provided out of Bangalore, Mumbai, Delhi, Chennai, Hyderabad, Kolkata, Ahmedabad and Pune.
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