New Delhi, December 24, 2009 --GE Capital India announced here, today that it has agreed to sell a part of its transportation finance portfolio to Shriram Transport Finance Company. GE Capital will retain the balance portfolio with no change to the existing people and infrastructure supporting that business.
"This sale is line with our strategy to exit non-core areas and ensure a sharper focus on our growth businesses," said Anish Shah, President & CEO, GE Capital India. "We are not planning any reduction in headcount or infrastructure as we will continue servicing the remaining portfolio."
"In 2010, we plan to grow several commercial and consumer finance businesses in India, including our credit card joint venture with State Bank of India," Mr. Shah added.
About GE Capital, India
GE Capital has been operating in India since 1993. With a AAA rating (CRISIL), 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 an eleven-year-old strategic joint venture with State Bank of India). For more details log on to www.gecapital.com/in
Purnima SahniMohanty
GE Corporate Manager - Communications
[email protected]
+91-11-41555303