GE Commercial Finance to invest up to Rs 1,000 crore in mid-market segment
14 July 2004
New Delhi: GE Commercial Finance, the business-to-business financial services unit of General Electric, announced that it would invest up to Rs 1,000 crore ($222 million) to support the growth of India''s mid-market segment. GE Commercial Finance, India and South East Asia, will be focusing on mid-market businesses that have a turnover of under Rs 400 crore.
Anil Chawla, CEO, GE Commercial Finance, India and South East Asia, said, "Mid-market enterprises are going to be key drivers in India''s growth. But these companies need to make significant capex 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."