Mumbai, November 3, 2011: GE Capital announced today that the company is expanding its leasing business in India and aiming for exponential increase in leasing business volume in 2012. GE Capital India is entering into new leasing asset areas and expanding its existing presence in the automotive and equipment leasing for corporate organizations.
Announcing this Anish Shah, President & CEO, GE Capital India said, "Commercial leases contribute a significant portion of GE Capital's commercial book size globally. We are combining our global leasing expertise with our knowledge of the Indian market to bring relevant offerings to mid-sized and large local and multinational companies."
Sameer Maheshwary, Senior Vice President, Leasing, GE Capital India said, "We have an enhanced lease offering for our automotive customers. We also now offer leasing solutions for a large variety of equipment including manufacturing and material handling equipment, industrial equipment, technology and office equipment." GE Capital India has recently acquired leasing customers that includes a bank, telecom equipment providers and ATM provider.
"We are partnering GE Capital in India to provide our employees with easy leasing options for cars for personal use. The GE Capital team brings their global understanding about the car leasing space to us and our employees, making it an easier program for us to manage and providing several additional benefits to our employees due to the strong relationships they have with the auto dealer/ manufacturers," said Neena Dhinda, Human Resource, Alcatel-Lucent India Limited
According to industry experts, leasing constitutes approximately 2% of capital formation in India compared to the 17% in the USA and, Australia where it is 10%. Leasing provides a convenient and flexible finance option to companies. When working with a strong leasing partner, leasing can reduce the administrative burden with a flexible end-of-term option of redeploying the asset.
With increasing challenges of rising cost of fund, leasing provides an alternative means by which companies can fund their capital expenditure without the need to leverage their balance sheets. With the projected growth of middle tier corporates and large multinationals in India, industry experts predict a double digit growth in the leasing market over next three years.
With the renewed focus on leasing, GE Capital will work closely with manufacturers and end customers in India to provide them with new and innovative structured financial solutions in the areas of operating leases, finance leases and hire purchases. GE Capital India will continue to work closely with GE Healthcare for leasing solutions and will expand its lease offering to other GE businesses such as Energy and Transportation.
GE Capital's breadth and depth of leasing solutions is unmatched in the industry. GE Capital provides leasing solutions across many different asset classes and industries, providing a one-stop solution for leasing requirements of corporate. The company has an in-house global asset management team, which has deep experience in dealing with a variety of assets. This team has access to a wide asset pool both locally and globally. Dedicated leasing systems combined with GE's processes help world class servicing to its customers. With presence in 29 countries, GE Capital's leasing team also helps its customers as they expand across geographies.
About GE Capital
GE Capital has been operating in India since 1993. With AAA (CRISIL) credit rating, GE Capital combines local understanding with the global reach of GE to provide end-to-end financial solutions to meet the diverse needs of Indian corporate and retail customers. GE Capital's businesses in India are organized under various business units including those focused on corporate finance, asset-based lending, leasing, commercial distribution financing, energy and infrastructure projects financing, merger & acquisition financing, mortgages, loans and credit cards (through a 13-year-old strategic joint venture with State Bank of India). For more details visit www.gecapital.in
Gayatri Rath.
GE Capital
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